Weider, Inc. purchased and received 40 baseball gloves into inventory on March 3 rd . The terms
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Question:
Weider, Inc. purchased and received 40 baseball gloves into inventory on March 3rd. The terms of the purchase are 2/10 Net 30. Each glove cost $25 and the total cost of shipping the gloves to Weider was $.50 per glove (discount does not apply to shipping). The journal entry to record payment for this purchase within the discount period (less than 10 days) would involve which of the following?
Question 16 options:
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1) | Credit to cash |
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2) | Credit to accounts payable |
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3) | Debit to inventory |
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4) | Debit to purchase discounts |
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
Posted Date: