The entry to record a purchase of 2,000 on account terms of 2/10 n/30 would include a C07
Added by Amy J.
Step 1
Step 1: Determine the amount of the purchase The purchase amount is $2,000. Show more…
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The journal entry to record the purchase on account of $900 of merchandise with freight of $65 prepaid by their supplier and added to the invoice is: debit Purchases $965; credit Accounts Payable $965 debit Accounts Payable $965, credit Freight in $65; credit Purchases $900 debit Purchases $900, debit Freight In $65; credit Accounts Payable $965 debit Accounts Receivable $965; credit Sales $965
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