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Mathematics, 10.03.2020 04:41 ellieballinger9364

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.) Credit Cash $980. Credit Cash $1,000. Credit Purchase Discounts $20. Credit Merchandise Inventory $20. Debit Merchandise Inventory $20. Credit Accounts Payable $1,000. 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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