Question
Hutz Co. purchased goods costing $6,400. The purchase was made on account with terms of 5/10 n/45. The original purchase was recorded with a DEBIT
Hutz Co. purchased goods costing $6,400. The purchase was made on account with terms of 5/10 n/45. The original purchase was recorded with a DEBIT to Inventory and a CREDIT to Accounts Payable for $6,400. The account was paid in cash after 40 days.
Which ONE of the following is included in the journal entry to record the payment of cash on account after 40 days?
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Auditing Today
Authors: Emile Woolf
3rd Edition
013052168X, 9780130521682
