On May 1, a company purchased inventory costing $2,000 on account with terms 2/10, n/30....
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Accounting
On May 1, a company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 18, the company pays for this inventory and records which of the following using a perpetual inventory system? Event Account Title Debit Credit 1. Accounts Payable 2,000 1. Cash 2,000 2. Accounts Payable 1,960 2. Inventory 40 2. Cash 2,000 3. Accounts Payable 2,000 3. Inventory 40 3. Cash 1,960 4. Cash 2,000 4. Accounts Payable 2,000
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