Question
A company purchased $3,600 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $800 worth of merchandise. On July 12,
A company purchased $3,600 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $800 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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The Curriculum Management Audit
Authors: Larry E. Frase, Fenwick W. English, William K. Poston
1st Edition
0810839318, 9780810839311
