Solved: 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

Question - 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.

1. Prepare the journal entries.

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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