A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 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:Multiple ChoiceDebit Merchandise Inventory $2,300; credit Cash $2,300.Debit Cash $2,300; credit Accounts Payable $2,300.Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.Debit Accounts Payable $3,200; credit Cash $3,200.Debit Accounts Payable $2,300; credit Cash $2,300.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment by selecting all of the correct actions below.Multiple select question.Credit Accounts Payable $350.Credit Cash $392.Credit Cash $343.Credit Merchandise Inventory $7.Debit Merchandise Inventory $7.Credit Purchase Discounts $7.Debit Accounts Payable $350.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit with terms of 1/10,n/40. Demonstrate the required journal entry to record the receipt of payment on May 25 by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $1,400.Debit Accounts Receivable $1,400.Debit Sales Discounts $14.Debit Cash $1,400.Credit Cash $1,400.Credit Sales Discounts $14.

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, under the periodic inventory system.Multiple choice question.Debit Merchandise Inventory $300 and credit Sales $300.Debit Purchases $300 and credit Accounts Payable $300.Credit Merchandise Inventory $300 and debit Accounts Payable $300.Debit Merchandise Inventory $300 and credit Accounts Payable $300.

A supplier offers a company terms 3/10, n/30 for a $10,000 purchase on account on January 1. The company uses a perpetual inventory system to record transactions. If the company makes the payment on January 10, the entry to record the payment will include a:Multiple ChoiceDebit to Accounts Payable for $300Credit to Inventory for $300Debit to Accounts Payable for $9,700Credit to Cash for $10,000

On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cost to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer.Multiple choice question.Debit Accounts Receivable $500 and credit Cash $500.Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150.Debit Sales Returns and Allowances $150; credit Accounts Receivable $150.Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.