Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Prepare the journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Req 2 and 3 View transaction list Journal entry worksheet < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 General Journal Debit Credit
Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Prepare the journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Req 2 and 3 View transaction list Journal entry worksheet < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 General Journal Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9E
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