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8 June, 13:15

Concord Co. returned defective goods costing $5700 to Ivanhoe Company on April 19, for credit. The goods were purchased April 10, on credit, terms 2/10, n/30. The entry by Concord Co. on April 19, in receiving full credit is:

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Answers (1)
  1. 8 June, 16:42
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    Journal Entry

    Explanation:

    The Journal entry is shown below:-

    Accounts Payable Dr, $5,700

    To Inventory $5,700

    (Being defective goods is recorded)

    Therefore, in the given situation, Concord company is returning the defective goods and no payment was made. So, which results in a decrease in accounts payable and inventory.
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Home » Business » Concord Co. returned defective goods costing $5700 to Ivanhoe Company on April 19, for credit. The goods were purchased April 10, on credit, terms 2/10, n/30. The entry by Concord Co. on April 19, in receiving full credit is:
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