James Company Experienced the Following Events During Its First Accounting

question 128

Multiple Choice

James Company experienced the following events during its first accounting period: (1) Purchased $10,000 of inventory on account under terms 1/10 n/30.(2) Returned $2,000 of the inventory purchased in Event 1(3) Paid the remaining balance in account payable within the discount period for the inventory purchased in Event 1 Immediately after the three events have been recognized, the balance in the inventory account is

• A)$7,920
• B)$8,000
• C)$10,000
• D)Zero

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Definitions:

Obesity

A medical condition characterized by excessive body fat accumulation, which can have negative impacts on health, including increased risk of cardiovascular diseases and diabetes.

Surgical Interventions

Medical procedures involving incisions with instruments, performed to investigate or treat a pathological condition such as disease or injury.

Medication

Substances used to diagnose, treat, or prevent illness and disease in humans or animals.

Mental Disorder

A health condition characterized by significant dysfunction in an individual's cognition, emotions, or behavior, often disrupting daily life.