A Company Purchased Inventory for $100,000 on Account and Recorded

question 90

Essay

A company purchased inventory for $100,000 on account and recorded it as follows: The vendor's invoice showed terms of 3/10, net 30. Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.

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Definitions:

Printf Method

A function in many programming languages used to send formatted output to the console or a file.

Language

A language is a systematic means of communicating by the use of sounds or conventional symbols.

Format Specifier

A sequence of characters in a string that indicates how to format a value when printing or reading input/output.

Left Justified

Text or content that is aligned to the left margin of a page or container, leaving the right margin uneven.