OTA Corporation Completed the Following Events as Part of Its

question 57

Essay

OTA Corporation completed the following events as part of its acquisition / payment process. Record each one in general journal format; if an event does not require a journal entry, write "not applicable."
A. Received request to order 300 units of inventory with an expected cost of $1,400.
B. Purchased inventory on account, $1,500. Terms: 2 / 10, n / 30.
C. Paid freight bill on inbound inventory, $300.
D. Received previously ordered inventory.
E. Returned previously purchased merchandise to supplier, $200.
F. Paid vendor total amount owed on the 15th day after purchase.

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Definitions:

Psychiatrists

Medical doctors specializing in the diagnosis, treatment, and prevention of mental illnesses, capable of prescribing medication.

Counseling Psychologists

Professionals who specialize in offering therapy to help individuals cope with emotional, physical, and mental health issues.

Psychotherapy

A form of treatment for mental health issues that involves talking with a therapist to understand and overcome problematic thoughts, feelings, and behaviors.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment, often involving skepticism and questioning of presented facts.