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ABCCorppurchasedinventoryfor$50,000oncreditfromXYZSuppliersonJanuary1st, 2023, with credit terms of 2/10, net 30. Calculate: a) The amount of cash ABC Corp would pay if the invoice is settled within
ABC Corp purchased inventory for $50,000 on credit from XYZ Suppliers on January 1st, 2023, with credit terms of 2/10, net 30. Calculate: a) The amount of cash ABC Corp would pay if the invoice is settled within the discount period. b) The amount of the discount available if ABC Corp pays within the discount period. c) The net amount ABC Corp would pay if the invoice is settled after the discount period. d) The journal entry to record the payment of the invoice.
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