A company purchased inventory for $2,200 on account, and recorded the following journal entry:
$$\begin{array} { | c | r | r | }
\hline \text { Merchandise Inventory } & 2,200 & \
\hline \text { Accounts payable } & & 2,200 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10, n/30. Give the journal entry for the payment of the invoice seventeen days after the invoice date.

Question

A company purchased inventory for $2,200 on account, and recorded the following journal entry:
 $$\begin{array} { | c | r | r | } 
\hline \text { Merchandise Inventory } & 2,200 & \
\hline \text { Accounts payable } & & 2,200 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10, n/30. Give the journal entry for the payment of the invoice seventeen days after the invoice date.

Quizplus · Accepted Answer

The Answer of A company purchased inventory for $2,200 on account, and recorded the following journal entry:
 $$\begin{array} { | c | r | r | } 
\hline \text { Merchandise Inventory } & 2,200 & \
\hline \text { Accounts payable } & & 2,200 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10, n/30. Give the journal entry for the payment of the invoice seventeen days after the invoice date.

A Company Purchased Inventory for $2,200 on Account, and Recorded