Reference no: EM131767835

Tanger, Inc. uses the Gross Method and purchased $10,000 worth of goods on account with an available discount of 3/15, n. 60. If payment is made 6 days after the purchase date the journal entry for the payment will include

Select one: a. a credit to accounts payable for $10,000 b. a credit to Cash for $10,000 c. a debit to Accounts Payable for $9,700 d. a credit to Cash for $9,700

Tanger, Inc. uses the Gross Method and purchased $10,000 worth of goods on account with an available discount of 3/15, n. 60. If payment is made 30 days after the purchase date the journal entry for the payment will include

Select one: a. a credit to accounts payable for $10,000 b. a credit to Cash for $10,000 c. a debit to Accounts Payable for $9,700 d. a credit to Cash for $9,700

Beezus, Inc. sold merchandise for $1,000 on account; the items cost $500. The journal entry for the sale will include

Select one: a. a debit to Revenue for $1,000 b. a debit to Cost of Goods Sold for $1,000 c. a credit to Revenue for $500 d. a debit to Cost of Goods Sold for $500