Foster Co. owes $100,000 to Grant Inc. for inventory acquired with terms of 2/15. A....
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Accounting
Foster Co. owes $100,000 to Grant Inc. for inventory acquired with terms of 2/15.
A. How much will Foster pay if payment is made within the discount period?
B. What transaction will Foster record on June 30th, the company's fiscal year end, if the invoice is dated June 28 and payment will be made on July 10th? List the account and amount that would be debited, and the account and amount that would be credited.
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