Question
On July 1, Corrao Company purchased $2,000 of inventory on account with credit terms of 4/10, net 30. Corrao Company uses the perpetual inventory system.
On July 1, Corrao Company purchased
$2,000
of inventory on account with credit terms of
4/10,
net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5?
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Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley
11th Edition
0131867121, 978-0131867123
