The following journal entry was included in the accounting records of Spica, Inc. 
Based on this information, it is likely that Spica:
A) purchased inventory for cash.
B) paid for inventory purchased on credit, and took advantage of a 1% purchase discount.
C) sold inventory for cash.
D) collected cash for inventory sold on credit, and recognized a 1% sales discount.
Correct Answer:
Verified
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