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H3Ko H3Ko
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7 years ago
Glasgow, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $14,000. The terms were 4/10, n/30. On February 2, it returned damaged goods worth $700 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) Cash   12,902   
Purchase Discounts   538   
     Accounts Payable      13,440

B) Cash   14,000   
     Accounts Payable      14,000

C) Accounts Payable   13,440   
     Cash      13,440

D) Accounts Payable   13,440   
     Cash      12,902
     Purchase Discounts      538
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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#3
7 years ago
I'm liking this Slight Smile
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