A company purchased inventory for $100,000 on account, and recorded it as follows: The vendor's invoice showed terms of 3/10, net 30. Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.

Question

A company purchased inventory for $100,000 on account, and recorded it as follows:  The vendor's invoice showed terms of 3/10, net 30. Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.

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The Answer of A company purchased inventory for $100,000 on account, and recorded it as follows:  The vendor's invoice showed terms of 3/10, net 30. Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.

A Company Purchased Inventory for $100,000 on Account, and Recorded