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a company purchased $3000 of merchandise on july 5 with terms 3/10, n/30. On july 7, it returned $800 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on july 12 is:

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Tundexi

Answer:

Cash paid = Net Sales - Return - Discount

Cash paid = $3,000 - $800 - ($2,200*3%)

Cash paid = $3,000 - $800 - $66

Cash paid = $2,134

Merchandise Inventory = $2,200 * 3%

Merchandise Inventory = $66

Journal entry to record the payment on July 12

Date  Account Titles          Debit   Credit

         Accounts Payable    $2,200

                Merchandise Inventory  $66

                Cash                                $2,134

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