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Home Q & A Board Other Fields Homework Help Business Accounting
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AbdoSamir AbdoSamir
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6 years ago
Glasgow Company uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $16,000. The terms were 3/10, n/30. On February 2, it returned damaged goods worth $500 to the supplier and was granted an allowance. Give the journal entry for the payment if the invoice is paid after the discount period. (Round your answers to the nearest dollar.)

A)
Accounts Payable15,520
     Cash15,054
     Purchase Discounts466

B)
Cash16,000
     Accounts Payable16,000

C)
Accounts Payable15,520
     Cash15,520

D)
Cash15,054
Purchase Discounts466
     Accounts Payable15,520
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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smi3smi3
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6 years ago
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AbdoSamir Author
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#2
6 years ago
Ready for finals now Monkey
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#3
6 years ago
Good luck my friend!
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