On May 13,Maryland Company purchased merchandise worth $2,400 on credit,terms 2/10,n/30.The amount was paid on May 25.What is the required journal entry to record the payment under the periodic inventory system?

Question

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The payment was made after the discount period, so the full amount of $2,400 is paid, debiting Accounts Payable and crediting Cash.

On May 13,Maryland Company Purchased Merchandise Worth $2,400 on Credit,terms