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On May 1,Anders Company Purchased Merchandise in the Amount of $5,800

Question 128

Multiple Choice

On May 1,Anders Company purchased merchandise in the amount of $5,800 from Shilling,with credit terms of 2/10,n/30.Anders uses the perpetual inventory system and the gross method.The journal entry or entries that Anders will make on May 1 is:


A)  Sales 5,800 Accourits receivable 5,800\begin{array} { | l | r | r | } \hline \text { Sales } & 5,800 & \\\hline \text { Accourits receivable } & & 5,800 \\\hline\end{array}
B)  Merchandise Inventory 5,800 Accounts payable 5,800\begin{array}{|l|r|r|}\hline \text { Merchandise Inventory } & 5,800 & \\\hline \text { Accounts payable } & & 5,800 \\\hline\end{array}
C)  Accourits payable 5,800 Sales 5,800\begin{array} { | l | r | r | } \hline \text { Accourits payable } & 5,800 & \\\hline \text { Sales } & & 5,800 \\\hline\end{array}
D)  Merchandise Inventory 5,800 Cash 5,800\begin{array}{|l|r|r|}\hline \text { Merchandise Inventory } & 5,800 & \\\hline \text { Cash } & & 5,800 \\\hline\end{array}
E)  Purchases 5,800 Accourits payable 5,800\begin{array} { | l | r | r | } \hline \text { Purchases } & 5,800 & \\\hline \text { Accourits payable } & & 5,800 \\\hline\end{array}

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