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2 March, 01:17

The Inventory account is used in each of the following except:

the entry to record goods purchased on account.

the return of goods purchased.

payment of freight on goods sold.

payment within the discount period.

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  1. 2 March, 01:43
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    Option D payment within the discount period

    Explanation:

    The reason is that the company is already reduced the inventory amount and this transaction requires to reduce the trade receivable account and increase in discount. The entry would be:

    Dr Discount account (Expense) XX

    Cr Trade Receivable Account XX

    The cash received will be separately dealt, I mean the entry will be balancing charge to receivable account.

    Dr Cash Account XX

    Cr Trade Receivable Account XX
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