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VWXCompanypurchasedinventoryfor$120,000oncreditfromNOPSuppliersonMay 1st, 2023, with credit terms of 2/10, net 30. Calculate: a) The amount of cash VWX Companywouldpayiftheinvoiceissettledwithinthediscountperiod.b)Theamountof the discount available if VWX Company pays
VWX Company purchased inventory for $120,000 on credit from NOP Suppliers on May 1st, 2023, with credit terms of 2/10, net 30. Calculate: a) The amount of cash VWX Company would pay if the invoice is settled within the discount period. b) The amount of the discount available if VWX Company pays within the discount period. c) The net amount VWX Company would pay if the invoice is settled after the discount period. d) Journal entry to record the payment of the invoice.
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