Roland industries purchased $2,200 worth of inventory on account on august 6th. the terms were 2/15, n/eom. roland industries also paid freight charges of $110 on august 7th. roland industries was granted a $190 purchase allowance for slightly damaged goods. prepare the journal entry on august 15th when roland industries pays the invoice in full.

Journal entry on August 15th for Roland industries for payment of the invoice in full:

It is given that Roland industries purchased $2,200 worth of inventory on account on august 6th. Roland industries were granted a $190 purchase allowance for slightly damaged goods. It means the net amount of invoice is (2200-190) = $2,010. We are also given that the terms were 2/15, n/eom. Now the company paid the invoice on 15th August, it means it shall get the discount of 2% and the net amount to be paid shall be = 2010- (2010*2%) =  $1,969.80

The Journal entry on August 15th for Roland industries for payment of the invoice in full shall be as follows:

Account Payable Debit $2,200

Inventory Credit $190

Purchase Discount Credit $40.2

Cash Credit $1,969.80

(Being payment made in full and discount received)

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.