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

question 69

Essay

A company purchased inventory for $2,200 on account, and recorded the following journal entry:
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).

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Definitions:

Big Five Trait

Refers to the five broad dimensions of personality, including openness, conscientiousness, extraversion, agreeableness, and neuroticism, used to describe human personality.

Neuroticism

Neuroticism is a personality trait characterized by emotional instability, anxiety, moodiness, worry, and sadness.

Conscientiousness

A personality trait characterized by thoroughness, a strong sense of duty, and a disciplined approach to tasks.

Affiliation

A connection or association with a group or organization.