Business, 12.03.2020 22:49 224509

LOL Music Store uses the perpetual 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 all of the correct actions below. (Check all that apply.)

a) Credit Cash $980.
b) Credit Cash $1,000.
c) Credit Purchase Discounts $20.
d) Credit Merchandise Inventory $20.
e) Debit Merchandise Inventory $20.
f) Credit Accounts Payable $1,000.
g) Debit Accounts Payable $1,000.

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

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