Homework Answers
Accounts payable = $2,000
Discount = $2,000 X 2% = $40
Discount will reduce the value of the inventory.
Cash paid = $2,000 - $40 = $1,960
The accounting entry would be a $2,000 debit to accounts payable, a $40 credit to inventory and $1,960 credit to cash.
Option C)
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