Walmart purchased inventory worth $150,000 on credit with credit terms of 3/10, n/30. Calculate the amount paid
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Question:
Walmart purchased inventory worth $150,000 on credit with credit terms of 3/10, n/30. Calculate the amount paid by Walmart if payment is made within the discount period and provide the journal entry to record the payment.
Requirements:
- Calculate the amount paid by Walmart if payment is made within the discount period.
- Provide the journal entry to record the payment.
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