Question

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:________.Purchases 5800Accounts payable 5800

Answer 1

Answer:

Explained

Explanation:

On May 1, Anders Company will record the purchased merchandise in the amount of $5,800 from Shilling by debiting the inventory and crediting the accounts payable.

                                            DEBIT    CREDIT

Purchases (inventory)       $5,800  

Accounts Payable                      $5,800