Goods costing $2240 are purchased on account on 18 July with credit terms of 2/7, n/30. On

Question:

Goods costing $2240 are purchased on account on 18 July with credit terms of 2/7, n/30. On 20 July a $140 credit note is received from the supplier for damaged goods. Give the journal entry on 24 July to record payment of the balance due within the discount period.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting Reporting Analysis And Decision Making

ISBN: 9780730313748

5th Edition

Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong

Question Posted: