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

question 139

Essay

A company purchased inventory for $2,200 on account,and recorded the following journal entry:
$$\begin{array} { | l | r | r | } \hline \text { Inventory } & 2,200 & \\\hline \text { Accounts payable } & & 2,200 \\\hline\end{array}$$ The vendor's invoice showed terms of 3/10,n/30.Please provide the journal entry for the payment of the invoice on the 17th day (using the perpetual inventory method).
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

---

Definitions:

Labor Unions

Organizations formed by workers from related fields to work collectively towards securing better working conditions, wages, and other employment benefits.

Collective Bargaining

The process by which labor unions negotiate with employers to reach agreement on wages, work conditions, and benefits.

Taft-Hartley Act

A 1947 United States federal law that restricts the activities and power of labor unions.

Lockout

A tactic used by employers to pressure employees by temporarily closing the business during a labor dispute to compel workers to accept company terms.