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Author Question: Cheshire Co. purchased $1,000 of products from the Mad Hatter, Inc. with terms 3/15, n/30. Cheshire ... (Read 92 times)

bcretired

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on: Feb 18, 2020
Cheshire Co. purchased $1,000 of products from the Mad Hatter, Inc. with terms 3/15, n/30. Cheshire uses the net method to record purchases, but did not pay the invoice within the discount period. Which is a TRUE statement about the journal entry that Cheshire will make to record payment of the invoice?
◦ They will credit Cash for $970
◦ They will debit Accounts Payable for $1,000
◦ They will credit Lost Discount for $30
◦ They will debit Inventory for $30
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by bcretired on Feb 18, 2020

rachel

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Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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bcretired

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Reply 2 on: Feb 18, 2020
Great answer, keep it coming :)

nathang24

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Reply 3 on: Yesterday
Excellent

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