Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on

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Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2, 2012, for $30,000, with terms 2/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10.
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Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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