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  1. business
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  3. merchandise with an invoice price of $3,800 was pu

Merchandise with an invoice price of $3,800 was purchased on February 3, terms 3/15, n/60....

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Accounting

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Merchandise with an invoice price of $3,800 was purchased on February 3, terms 3/15, n/60. The company uses the gross method to record purchases and a perpetual inventory system. The entry to record a cash payment of this purchase obligation on February 17 s O Debit Accounts Payable $3,686; credit Cash $3,686. O Debit Accounts Payable $3,800, credit Cash $3,800. O Debit Accounts Payable $3,686; debit Discounts Lost $114; credit Cash $3.800 O Debit Accounts Payable $3,800, credit Merchandise Inventory $114, credit Cash $3.686. O Debit Accounts Payable $3,800, credit Discounts Lost $114; credit Cash $3,686

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