On August 1,Phillips Industries Purchased $12,000 of Merchandise on Credit

question 43

Essay

On August 1,Phillips Industries purchased $12,000 of merchandise on credit.Terms of 1/10,n/30 are extended,and Phillips makes payment on August 9.
a. In the journal provided, make Phillips's entries, assuming use of the periodic inventory system.
b. Make the entry that would have been made had payment been made on August 17.

---

Definitions:

Nonprofit Organization

An entity that operates for a charitable, educational, or societal benefit rather than for profit.

Option II

This term could require more context to define accurately as it could refer to a secondary choice or alternative in various settings.

Charitable Nonprofits

Organizations that operate to serve the public interest and benefit the community, qualifying for tax-exempt status under specific legal criteria.

Restrictions

Limitations or constraints imposed on actions, activities, or operations, often set by legal, regulatory, or organizational guidelines.