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

question 90

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,net 30.Please provide the journal entry for the payment of the invoice on the 7th day (using the perpetual inventory method).
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline \\\hline\end{array}$$

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Definitions:

Surface Area

The total area exposed on the surface of an object or material.

Corpus Callosum

A broad band of nerve fibers joining the two hemispheres of the brain, facilitating communication between them.

White Matter

Bundles of parallel axons with their associated sheath in the central nervous system.

Cerebral Hemispheres

The two halves of the brain, divided into left and right sides, responsible for controlling different functions and cognitive processes.