9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account, terms 1/10, n/30. What entry would Butterfly use to record this purchase if the company uses perpetual inventory system. Accounts Payable a. 50,000 Inventory 50,000 b. Inventory 49,500 Accounts Payable 49,500 Purchases 49,500| с. Accounts Payable 49,500 d. Inventory 50,000 Accounts Payable 50,000
9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account, terms 1/10, n/30. What entry would Butterfly use to record this purchase if the company uses perpetual inventory system. Accounts Payable a. 50,000 Inventory 50,000 b. Inventory 49,500 Accounts Payable 49,500 Purchases 49,500| с. Accounts Payable 49,500 d. Inventory 50,000 Accounts Payable 50,000
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 8Q: Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...
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