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Checker Co. Buys $500 of merchandise from a supplier subject to terms 2/10 n/30. Checker pays within the discount period and subsequently discovers the merchandise
Checker Co. Buys $500 of merchandise from a supplier subject to terms 2/10 n/30. Checker pays within the discount period and subsequently discovers the merchandise is all defective. It is all returned for full credit \ A. The credit will be for $500 B. The credit will not necessitate a journal entry as it will just be offset against the next purchase C. None of the alternatives are correct D. The credit will be to the purchases account in checkers general ledger E. The credit will be for some other account
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