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Business, 21.07.2020 16:01 AyeSmoky

On Dec. 7, Toys R Fun purchased $1,000 of merchandise with terms of 2/10,n/30. If payment is made on December 30, demonstrate the required journal entry for Toys R Fun to record the payment under the perpetual inventory system. a.
Debit Cash $1,000; Credit
Accounts Payable $1,000

b.
Debit Accounts Payable
$1,000; credit Cash $980;
credit Merchandise Inventory $20.

c.
Debit Accounts Payable
$1,000; credit Cash $1,000

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