On may 10 the company purchased inventory from jay company, Accounting Basics

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On may 10 the company purchased inventory from jay company

On May 10, the company purchased inventory from Jay Company for $70,000, terms 3/10, n/30. Purchases and accounts payable are recorded at net amounts (perpetual method is used). The invoice was paid on May 18. Instructions: 1. Prepare the Journal Entry 2. What is the effective interest rate for the given discount terms

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Accounting Basics: On may 10 the company purchased inventory from jay company

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