Sandlot Inc. purchased goods costing $1,000. The purchase was made on account with terms of...

Name: Sandlot Inc purchased goods costing $1,000 The purchase wa
Brand: StudyZin
Rating: 3.53 (83 reviews)

60.1K

Verified Solution

Question

Accounting

Sandlot Inc. purchased goods costing $1,000. The purchase was made on account with terms of 4/10, n/30. The original purchase was recorded with a DEBIT to Inventory and a CREDIT to Accounts Payable for $1,000.  The account was paid in cash after 23 days. Which ONE of the following is included in the journal entry to record the payment of cash on account after 23 days? CREDIT to Accounts Payable for $1,000 DEBIT to Cash for $960 CREDIT to Cash for $1,000 CREDIT to Accounts Payable for $960 CREDIT to Inventory for $40 DEBIT to Accounts Payable for $960

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member