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Garland Office Furniture Company records purchases of merchandise at net cost. The company uses a perpetual inventory system. Garland recently purchased 200 chairs at
Garland Office Furniture Company records purchases of merchandise at net cost. The company uses a perpetual inventory system. Garland recently purchased 200 chairs at an invoice price of $7,700 and terms of 2/10, n/30. Half of the chairs were damaged and Garland immediately returned those items to the supplier. The journal entry to record payment of this invoice after the discount period has expired will include a:
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