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H3Ko H3Ko
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8 years ago
A company using the perpetual inventory system purchased inventory worth $20,000 on account with terms of 2/10, n/30. Defective inventory of $3,000 was returned two days later, and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is ________.
A) $390
B) $460
C) $400
D) $340
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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H3Ko Author
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#2
8 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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