Solved: Corrao company uses the perpetual inventory system on july, Accounting Basics

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Corrao company uses the perpetual inventory system on july

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 system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5?

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Accounting Basics: Corrao company uses the perpetual inventory system on july

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