Goods costing $1,600 are purchased on account on July 15 with credit terms of 2/10, n/30. On

Question:

Goods costing $1,600 are purchased on account on July 15 with credit terms of 2/10, 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 dis- count period.

AppendixLO1

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