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Where does the discount come from? On Sep 14.

Where does the discount come from? On Sep 14.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Where does the discount come from? On Sep 14.

Асcounts Sep 14 payable. 1600 Dr. То Discount 32 A/c. То cash 1,568 A/c (Creditor was paid with discount availed)
Transcribed Image Text:Асcounts Sep 14 payable. 1600 Dr. То Discount 32 A/c. То cash 1,568 A/c (Creditor was paid with discount availed)
2. Snow Supply uses a perpetual inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 70 backpacks at $25 each from Jenks, terms 2/10, n/30. Sept. 6 Received credit of $150 for the return of 6 backpacks purchased on Sept. 4 that were defective. Sept. 14 Paid Jenks in full, less discount. Journalize the September transactions for Snow Supply.
Transcribed Image Text:2. Snow Supply uses a perpetual inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 70 backpacks at $25 each from Jenks, terms 2/10, n/30. Sept. 6 Received credit of $150 for the return of 6 backpacks purchased on Sept. 4 that were defective. Sept. 14 Paid Jenks in full, less discount. Journalize the September transactions for Snow Supply.
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