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Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: A deposit of $7,000 at 8.5% for 120 days will be $7,196 including the interest. (More)
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Expert Answered
Updated 11/18/2011 10:18:39 PM
1 Answer/Comment
The entry on August 10 for Logan Company is: Accounts Payable 6,000 debit, Purchase Returns and Allowances 120 credit, Cash 5,880 credit.
Added 11/18/2011 10:18:42 PM
This answer has been added to the Weegy Knowledgebase
Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: A deposit of $7,000 at 8.5% for 120 days will be $7,196 including the interest. (More)
Question
Expert Answered
Updated 11/18/2011 10:16:34 PM
1 Answer/Comment
The entry on August 10 for Logan Company is: Accounts Payable 6,000 debit, Purchase Returns and Allowances 120 credit, Cash 5,880 credit.
Added 11/18/2011 10:16:45 PM
This answer has been added to the Weegy Knowledgebase
Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: Accounts Payable $6000, Merchandise Inventory $120 and Cash $5,880. (More)
Question
Expert Answered
Updated 11/21/2011 7:33:39 PM
1 Answer/Comment
The entry on August 10th is: Accounts Payable 6,000, Purchase Returns and Allowances 120, Cash 5,880. The allowance of $120 represents the 2% discount for paying the balance within 10 days, as set out in the terms 2/10, n/45.
Added 11/21/2011 7:33:39 PM
This answer has been added to the Weegy Knowledgebase
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