Business, 07.10.2021 21:40 Emmaxox715
Recording Journal Entries for Purchases and Purchase Discounts (Net Method) Using a Perpetual Inventory System
Using the information below, prepare journal entries to record the transactions, assuming Axe records discounts using the net method in a perpetual inventory system. Forfeited discounts are charged to Other Operating Expenses.
Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.
6 Purchased goods from Munoz for $900 with terms 2/10, n/30.
14 Paid Green in full.
Feb. 2 Paid Munoz in full.
28 Purchased goods for $350 from Reynolds with terms n/45.
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Recording Journal Entries for Purchases and Purchase Discounts (Net Method) Using a Perpetual Invent...
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