On September 1, Concord purchased $40700 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $810. Payment for the purchase was made on September 18. Assuming Concord uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as the liability from this purchase?

Financial accounting defines a liability as the forfeitures of future economic benefits that an entity must make to other entities as a result of prior transactions or other prior events, resolution of which may result in transfer or use of assets, provision of services, or other the future yielding of economic benefits. A bank records a liability on its balance sheet when a company deposits money with it. This liability indicates the bank's obligation to repay the depositor, usually on demand. Using the double-entry method, the bank simultaneously enters cash as an asset. When cash is deposited with the bank, the corporation, on the other hand, records a loss in cash and an equal gain in bank deposits.

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