A couple living in the United States travels to China and buys huge amounts of designer purses for a much lower price than is available at home. They import the purses back into the States where they sell them for less than the normal market price. The purses are considered to be

As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?