FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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James Company experienced the following events during its first accounting period:
(1) Purchased $10,000 of inventory on account under terms 1/10 n/30.
(2) Returned $2,000 of the inventory purchased in Event 1
(3) Paid the remaining balance in account payable within the discount period for the inventory purchased in Event 1
Immediately after the three events have been recognized, the balance in the inventory account is
Multiple Choice
$8,000
Zero
$10,000
$7,920
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Transcribed Image Text:James Company experienced the following events during its first accounting period: (1) Purchased $10,000 of inventory on account under terms 1/10 n/30. (2) Returned $2,000 of the inventory purchased in Event 1 (3) Paid the remaining balance in account payable within the discount period for the inventory purchased in Event 1 Immediately after the three events have been recognized, the balance in the inventory account is Multiple Choice $8,000 Zero $10,000 $7,920
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