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question 45 on march 1 20×3 environmental impacts acquired inventory on account the 4292133


45) On March 1, 20X3, Environmental Impacts acquired inventory on account. The cost of the inventory was $85,000. The terms of the purchase were 2/10, n/30. Upon inspection of the inventory on March 2, $4,800 worth of inventory was returned. Environmental Impacts paid for the inventory on March 8. The company uses a periodic inventory system. What journal entry will Environmental Impacts make on March 8, 20X3?

A) Accounts Payable                                      80,200

       Cash                                                                                           80,200

B) Accounts Payable                                       80,200

       Cash Discounts on Purchases                                               1,604

       Cash                                                                                           78,596

C) Accounts Payable                                      80,200

       Cash Discounts on Purchases                                                   802

       Cash                                                                                           79,398

D) Accounts Payable                                      80,200

       Inventory                                                                                    1,604

       Cash                                                                                           78,596


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