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25 October, 18:39

Cleveland Company purchased $2,700 of inventory on account from Pinto Industries on March 8th. The terms were 2/15, n/45. Cleveland also paid freight charges of $200 on March 9th and returned $450 of the inventory on March 13th. Journalize the entry to record the payment of the invoice on April 5th.

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  1. 25 October, 18:55
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    Solution:

    Accounts Payable $2900

    Cash $2691

    Inventory $209

    Cleveland didn't pay during the discount period,

    So the amount due is $2,700 - 450 = $2,250

    Cash was charged in freight charges prior to delivery of the invoice.
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Home » Business » Cleveland Company purchased $2,700 of inventory on account from Pinto Industries on March 8th. The terms were 2/15, n/45. Cleveland also paid freight charges of $200 on March 9th and returned $450 of the inventory on March 13th.
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