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

question 178

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 by the purchaser.(Assume a perpetual inventory system. )

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Definitions:

Delusions of Persecution

A type of delusion where an individual believes, without basis, that they are being mistreated, spied on, or harassed by others.

Positive Symptoms

Features of a disorder that are present and observable, such as hallucinations or delusions, especially in the context of schizophrenia.

Negative Symptoms

Features often associated with schizophrenia or other psychiatric conditions, characterized by deficits or diminutions, such as lack of emotion, motivation, or social interaction.

Schizophrenia

A long-term mental disorder involving a breakdown in the relation between thought, emotion, and behavior, leading to faulty perception and withdrawal from reality.