Select all that applyLOL 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 December 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below.Multiple select question.Credit Cash $980.Credit Accounts Payable $1,000.Debit Accounts Payable $1,000.Credit Merchandise Inventory $20.Credit Cash $1,000.

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

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit with terms of 1/10,n/40. Demonstrate the required journal entry to record the receipt of payment on May 25 by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $1,400.Debit Cash $1,400.Debit Accounts Receivable $1,400.Debit Sales Discounts $14.Credit Sales Discounts $14.Credit Cash $1,400.

Select all that applySally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $700.Credit Sales Discounts $14.Debit Accounts Receivable $700.Debit Cash $686.Debit Cash $700.Debit Sales Discounts $14.

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, under the periodic inventory system.Multiple choice question.Debit Merchandise Inventory $300 and credit Sales $300.Debit Purchases $300 and credit Accounts Payable $300.Credit Merchandise Inventory $300 and debit Accounts Payable $300.Debit Merchandise Inventory $300 and credit Accounts Payable $300.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit with terms of 1/10,n/40. Demonstrate the required journal entry to record the receipt of payment on May 25 by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $1,400.Debit Accounts Receivable $1,400.Debit Sales Discounts $14.Debit Cash $1,400.Credit Cash $1,400.Credit Sales Discounts $14.