Question
A company purchased $3,400 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $750 worth of merchandise. On July 12,
A company purchased $3,400 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $750 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:
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Accounting An Introduction
Authors: Eddie McLaney, Dr Peter Atrill, Eddie J. Mclan
5th Edition
0273733206, 978-0273733201
