On August 1, Camire Brothers bought goods with a list price of $9,600, terms 2/10, n/30. The firm
records purchases at invoice price, using the periodic inventory system. On August 5, Camire
Brothers returned goods with a list price of $1,200 for credit.
If Camire Brothers paid the supplier the amount due on August 9, the appropriate entry would be:
If Camire Brothers paid the supplier the amount due on August 9, the appropriate entry would be:
A) Accounts Payable 9,600
Purchases Discounts 192
Cash 9,408
B) Accounts Payable 8,232
Cash 8,232
C) Accounts Payable 8,400
Purchases Discounts 168
Cash 8,232
D) Accounts Payable 8,400
Cash 8,400
A
B
C
D
