OTA Corporation Completed the Following Events as Part of Its

question 73

Essay

OTA Corporation completed the following events as part of its acquisition/payment process.Record each one in general journal format; if an event does not require a journal entry, write "not applicable."
a.Received request to order 300 units of inventory with an expected cost of $1,400.
b.Purchased inventory on account, $1,500.Terms: 2/10, n/30.
c.Paid freight bill on inbound inventory, $300.
d.Received previously ordered inventory.
e.Returned previously purchased merchandise to supplier, $200.
f.Paid vendor total amount owed on the 15^th day after purchase.

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Definitions:

Components

Fundamental parts or elements that make up a system, process, or compound.

Importance

A measure of significance or value given to an idea, object, or action.

Looking-Glass Self

A social psychological concept that suggests people form their self-identity based on how they believe others perceive them.

Unbiased Processing

Refers to the ability to evaluate information and make decisions without prejudice or distortion by personal beliefs.