Business, 13.03.2020 22:39 deaklet

LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n/60. If payment is made on November 21, demonstrate the required journal entry to record the payment by selecting a/I of the correct actions below. (Check all that apply.)

a. Credit Accounts Payable $1,000.

b. Credit Cash $980.

c. Credit Purchase Discounts $20.

d. Credit Cash $1,000.

e. Debit Accounts Payable $1,000.

f. Debit Purchase Discounts $20.

g. Credit Merchandise Inventory $20.

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LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, i...