Question: 1.) What is the entry to pay for the cost of the merchandise inventory bought for 1,000? 2.) What does this mean? 2/10, net/30 3.)

1.) What is the entry to pay for the cost of the merchandise inventory bought for 1,000? 2.) What does this mean? 2/10, net/30 3.) What is the entry to pay for the cost of the merchandise inventory bought for 1,000 if the payment terms are 2/10, net/30 and we pay in 8 days? 4.) What is the entry to record the payment of a customer on account for merchandise inventory? 5.) What is the entry to record the payment of a customer on account for merchandise inventory for 5,000 if the payment terms are 2/10, net/30 and they pay in 8 days?

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