On March 15, 2016, Ryan Company purchased $10,300 of merchandise on credit subject to terms...
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Accounting
On March 15, 2016, Ryan Company purchased $10,300 of merchandise on credit subject to terms of 2/10, n/30. Ryan Company records its purchases using the gross amount. The periodic inventory system is used. Which of the following journal entries is correct when Ryan Company pays for these goods on March 30, 2016?
Accounts payable 10,300
Cash 10,300
Accounts payable 10,300
Cash 10,094
Purchase discounts 206
Accounts payable 10,094
Cash 10,094
Accounts payable 10,094
Purchase discounts 206
Cash 10,300
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