FINANCIAL ACCOUNTING LOOSELEAF
FINANCIAL ACCOUNTING LOOSELEAF
2nd Edition
ISBN: 9781119493631
Author: Kimmel
Publisher: WILEY
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Chapter 5, Problem 26Q

On July 15, a company purchases on account goods costing $1,900, with credit terms of 2/10, n/30. On July 18, the company receives a $400 credit memo from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period assuming a periodic inventory system.

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FINANCIAL ACCOUNTING LOOSELEAF

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