Question Details

Payment was made thirty days after the purchase 



1—Recording purchases at net amounts.
Flint Co. records purchase discounts lost and uses perpetual inventories.  Prepare journal entries in general journal form for the following:
(a)	Purchased merchandise costing $900 with terms 2/10, n/30.
(b)	Payment was made thirty days after the purchase .

Ex. 2—Recording purchases at net amounts.
Dill Co. records purchases at net amounts and uses periodic inventories.  Prepare entries for the following:
June	11	Purchased merchandise on account, $5,000, terms 2/10, n/30.
	15	Returned part of June 11 purchase, $800, and received credit on account.
	30	Prepared the adjusting entry required for financial statements.




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help