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A Company Purchased Inventory for $2,000 from a Vendor on Account,FOB

question 246

Essay

A company purchased inventory for $2,000 from a vendor on account,FOB shipping point,with terms of 2/10,n/30.The company paid $100 cash for freight in.Prepare the journal entry to record payment of the invoice,within 10 days of the invoice date,by the purchaser.(Assume a perpetual inventory system.)Omit explanation.


Definitions:

Temporal lobe

A region of the brain responsible for processing auditory information and is involved in understanding language, and storing new memories.

Auditory stimuli

Sounds or noises that provoke a response or reaction from the auditory system.

Brain

An organ of the central nervous system where most functions of control and processing happen.

Reflex

A predictable automatic response to stimuli.

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