A Company Purchased Inventory for $2,200 on Account, and Recorded

question 35

Essay

A company purchased inventory for $2,200 on account, and recorded the following journal entry: The vendor's invoice showed terms of 3/10, n/30. Give the journal entry for the payment of the invoice 17 days after the invoice date.

---

Definitions:

Total Current

The overall flow of electricity in a circuit, measured in amperes, which is constant throughout a series circuit.

Current Flow

The movement of electric charge carriers, such as electrons, through a conductor or circuit, typically directed from a positive to a negative point.

Applied Voltage

The voltage that is externally applied to an electrical device or circuit to initiate the flow of current.

R1

Often denoted as a variable for resistance in electrical equations and diagrams, representing a specific resistor's ohmic value.