Question
Tsang Company purchased $32,000 of inventory on account with payment terms of 2/10, n/30 and freight terms FOB shipping point. Freight costs were $1,100.
Tsang Company purchased $32,000 of inventory on account with payment terms of 2/10, n/30 and freight terms FOB shipping point. Freight costs were $1,100. Tsang obtained a $2,000 purchase allowance because the inventory was damaged upon arrival. Tsang paid for the inventory within the discount period. Based on this information alone, determine the balance in the inventory account.
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Financial Accounting
Authors: Robert Kemp, Jeffrey Waybright
5th edition
134727797, 9780134728643 , 978-0134727790
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