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On June 1, Company X purchased inventory for $8,000 with terms 2/15, n/60. On June 10, the company paid the full balance due. Record the

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On June 1, Company X purchased inventory for $8,000 with terms 2/15, n/60. On June 10, the company paid the full balance due. Record the journal entry on June 10. Assume the company uses the gross method O Accounts payable Purchase discounts lost Cash 7,840 160 8,000 O Accounts payable Cash 7,840 7,840 O Accounts payable Purchase discounts Cash 8,000 160 7,840 Accounts payable Cash 8,000 8,000

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