LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise
LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, the store purchased $1,000 worth of merchandise with terms of 2/5, n/60. If payment is made on November 21, prepare the required journal entry to record the payment by selecting all the correct actions from the options below. (Check all that apply.)
a. Credit Accounts Payable $1,000
b. Credit Cash $980
c. Credit Purchase Discounts $20
d. Credit Cash $1,000
e. Debit Accounts Payable $1,000
f. Debit Purchase Discounts $20
g. Credit Merchandise Inventory $20
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