Your Answer- 4) On Dec. I Toys R Fun purchased $1,000 of merchandise with terms of 2f10,nf30. It payment is made on December 16, demonstrate the required journal entry for Toys R Fun to record the payment underthe perpetual inventory system. Debit Accounts Payable $1,000; credit Cash $980; credit Merchandise Inventory $20. Debit Accounts Payable $1,000; credit Cash $1,000: credit Purchase Discounts $20. Reason: Credit Merchandise Inventory. Debit Accounts Payable $1,000; credit Cash $1,000. Reason: You forgot to record the discount of $20. Debit Merchandise Inventory $20; debit Cash $980; credit Accounts Payable $1,000. Reason: Your debits and credits are reversed. Correct Answer Debit Accounts Payable $1,000; credit Cash $980; credit Merchandise Inventory $20.
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order NowGet Online
Assignment Help Services