Glasgow Company Uses the Periodic Inventory System

question 45

Multiple Choice

Glasgow Company uses the periodic inventory system.On February 1,the corporation purchased inventory on account for $16,000.The terms were 3/10,n/30.On February 2,it returned damaged goods worth $500 to the supplier and was granted an allowance.Give the journal entry for the payment if the invoice is paid after the discount period.(Round your answers to the nearest dollar. )

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Definitions:

Prevalence Rate

A statistical measure that represents the proportion of individuals within a population who have a specific trait or condition at a given time.

Mental Health

A state of well-being in which an individual realizes his or her own abilities, can cope with the normal stresses of life, work productively, and contribute to their community.

Learning Processes

The methods or activities by which individuals acquire new information or skills, involving cognitive, emotional, and environmental influences as well as experiences.

Cognitive Functioning

Refers to an individual's ability to think, reason, remember, and process information.