A Company,using the Net Method,purchased Inventory for $3,000 and Term

question 54

Multiple Choice

A company,using the net method,purchased inventory for $3,000 and term 2/10 net 30 but did not pay the bill in time to take advantage of the discount.The cost recorded in the inventory account after this event would be?

• A)$3,000
• B)$2,940
• C)$3,060
• D)Not enough data to determine

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Definitions:

Acidity

A measure of the ability of a solution to donate hydrogen ions (H+) and thereby lower its pH.

pH

A scale used to specify the acidity or basicity of an aqueous solution, with values ranging typically from 0 (highly acidic) to 14 (highly basic).

pH

A scale used to specify the acidity or basicity of an aqueous solution, where 7 is neutral, values less than 7 are acidic, and values greater than 7 are basic.

pH

a numeric scale used to specify the acidity or basicity of an aqueous solution, with values below 7 being acidic, above 7 being basic, and 7 being neutral.