A company using the perpetual inventory system purchased inventory worth $12.000 on account with credit terms of
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Question:
A company using the perpetual inventory system purchased inventory worth $12.000 on account with credit terms of 1/15, 30 Detective inventory was received, but instead of a return, an allowance of given. The allowance is granted before the invoice is paid.
What would be the journal entry to record the payment after the allowance and within the discount period?
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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