Reference no: EM132729223
Problem 1: McIntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for $11,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is:
a.
Accounts Payable...................................................................11,000
Cash...............................................................................11,000
b.
Accounts Payable...................................................................10,670
Cash...............................................................................10,670
c.
Accounts Payable...................................................................11,000
Purchase Returns and Allowances................................330
Cash...............................................................................10,670
d.
Accounts Payable...................................................................11,000
Inventory.......................................................................330
Cash...............................................................................10,670