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

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Essay

A company purchased inventory for $2,200 on account, and recorded the following journal entry:
 Merchandise Inventory 2,200 Accounts payable 2,200\begin{array} { | c | r | r | } \hline \text { Merchandise Inventory } & 2,200 & \\\hline \text { Accounts payable } & & 2,200 \\\hline\end{array} The vendor's invoice showed terms of 3/10, n/30. Give the journal entry for the payment of the invoice seventeen days after the invoice date.


Definitions:

City field

A specific field in databases or forms designated for entering or displaying a city's name.

Null Values

Special markers in databases designated for fields with unknown or inapplicable information.

Is Null

A condition used in SQL to check for empty fields in a database.

Data Type

A classification identifying the type of data that can be held by a column in a database or a variable in programming, such as integer, text, or boolean.

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