Goods costing ($ 1,600) are purchased on account on July 15 with credit terms of (2 /

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Goods costing \(\$ 1,600\) are purchased on account on July 15 with credit terms of \(2 / 10, \mathrm{n} / 30\). On July 18 a \(\$ 100\) credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471169192

1st Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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