On February 24, 2008, Lawn Ranger Company, a garden retailer, purchased $40,000 of corn seed, terms 2/10,

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On February 24, 2008, Lawn Ranger Company, a garden retailer, purchased $40,000 of corn seed, terms 2/10, n/30, from Nebraska Farm Co. Even though the discount period had expired, Corey Gilbert subtracted the discount of $800 when he processed the documents for payment on March 25, 2008.
Discuss whether Corey Gilbert behaved in a professional manner by subtracting the discount, even though the discount period had expired.

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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