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Glasgow Company uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $16,000. The terms were 3/10, n/30. On February
Glasgow Company uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $16,000. The terms were 3/10, n/30. On February 2, it returned damaged goods worth $500 to the supplier and was granted an allowance. Give the journal entry for the payment if the invoice is paid after the discount period. (Round your answers to the nearest dollar.)
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