A company purchased inventory for $2,200 on account,and recorded the following journal entry:
$$\begin{array} { | l | r | r | }
\hline \text { Inventory } & 2,200 & \
\hline \text { Accounts payable } & & 2,200 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10,net 30.Please provide the journal entry for the payment of the invoice on the 7th day (using the perpetual inventory method).
$$\begin{array} { | l | r | r | }
\hline \quad\quad\quad&\quad&\quad \
\hline \\hline \
\hline
\end{array}$$

Question

A company purchased inventory for $2,200 on account,and recorded the following journal entry:
 $$\begin{array} { | l | r | r | } 
\hline \text { Inventory } & 2,200 & \
\hline \text { Accounts payable } & & 2,200 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10,net 30.Please provide the journal entry for the payment of the invoice on the 7th day (using the perpetual inventory method).
 $$\begin{array} { | l | r | r | } 
\hline \quad\quad\quad&\quad&\quad \
\hline \\hline \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of A company purchased inventory for $2,200 on account,and recorded the following journal entry:
 $$\begin{array} { | l | r | r | } 
\hline \text { Inventory } & 2,200 & \
\hline \text { Accounts payable } & & 2,200 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10,net 30.Please provide the journal entry for the payment of the invoice on the 7th day (using the perpetual inventory method).
 $$\begin{array} { | l | r | r | } 
\hline \quad\quad\quad&\quad&\quad \
\hline \\hline \
\hline
\end{array}$$

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