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QUESTION
On July 1, Corrao Company purchased $1,600 of inventory on account with credit terms of 2/10, net 30. Corrao Company uses the perpetual inventory...
On July 1, Corrao Company purchased $1,600 of inventory on account with credit terms of 2/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5?
