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Give the journal entry on July to record payment

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Question - Goods costing $1600 are purchased on account on 18 July with credit terms of 2/7, n/30. On 19 July a $100 credit memo is received from the supplier for damaged goods. Give the journal entry on 24 July to record payment of the balance due within the discount period assuming a periodic inventory system.

Reference no: EM132891515

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