Question
On Feb. 16, Gourmet Cakes purchased $20,000 of merchandise on account from JB Baking. Credit terms of the purchase were 2/10, n/30. On Feb. 24,
On Feb. 16, Gourmet Cakes purchased $20,000 of merchandise on account from JB Baking. Credit terms of the purchase were 2/10, n/30. On Feb. 24, Gourmet Cakes pays the amount owed Assuming Gourmet Cakes uses aperpetualinventory system, the journal entry on Feb. 24, torecord the payment, would be:
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Survey Of Accounting
Authors: Carl S. Warren, Amanda Farmer, Jefferson P. Jones
10th Edition
0357900294, 9780357900291
