Question
A company that uses the net method of recording purchases and a perpetual inventory system purchased $1,900 of merchandise on July 5 with terms 2/10,
A company that uses thenetmethod of recording purchases and aperpetualinventory system purchased $1,900 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $250 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is:
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
9th Edition
978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062
