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Goods costing $2,400 are purchased on account on July 15 with credit terms of 1/10, n/30. On July 18,

a $400 credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system.

The problem is asking for the date, the account titles for the journal entry, and the amounts to be debited and credited. I have the date and the accounts. I also have the Accounts Payable amount. I'm lost how the Inventory and Cash accounts are calulated.


July 24th - Accounts Payable 2000

Inventory ???

Cash ???

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The journal entry will be : July 24th : Accounts Payable... View the full answer

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