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Dunder Mifflin purchased paper costing $11,000. The purchase was made on account with terms of 2/15, n/45. The original purchase was recorded with a DEBIT
Dunder Mifflin purchased paper costing $11,000. The purchase was made on account with terms of 2/15, n/45. The original purchase was recorded with a DEBIT to Inventory and a CREDIT to Accounts Payable for $11,000. The account was paid in cash after 20 days. Which ONE of the following is included in the journal entry to record the payment of cash on account after 20 days? CREDIT to Cash for $11,000 CREDIT to Accounts Payable for $10,780 DEBIT to Cash for $10,780 CREDIT to Accounts Payable for $11,000 DEBIT to Accounts Payable for $10,780 CREDIT to Inventory for $220
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