Lbj company recorded the following events involving a, Ask an Expert

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LBJ Company recorded the following events involving a recent purchase of merchandise.

- Received goods for $75,000, terms 2/10, n/30
- Returned $2,500 of the shipment for credit due to damaged goods
- Paid $1,200 for freight in
- Paid the invoice within the discount period

As a result of these events, the company's merchandise inventory

increased by $72,250.
increased by $72,176.
increased by $75,876.
increased by $73,700.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9901536

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