which-of-the-following-entries-is-correct-when-recording-the-payment-of-goods-wi

Question

Which of the following entries is correct when recording the payment of goods with a purchase discount in a periodic inventory system?

Accepted Answer

Debit Accounts Payable; Credit Cash and Purchase Discounts

Answer

Credit Inventory; Debit Accounts Payable

Answer

Debit Inventory; Credit Cash

Answer

Credit Accounts Payable; Debit Cash and Purchase Discounts