I have an accounting question. I am doing my homework right now and this was the question. (I am journalizing entries.)
On May 1, purchased merchandise on account from Hauke Wholesale Supply for $8,100, terms 1/10, n/30.
My answer was May 31 cr. accounts pay 8100
dr. inventory 8100
My answer got marked wrong when I submitted it. Does the order of this entry matter? For example, would I dr. inventory first and cr. acccounts payable second?
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