Question
A new shipment of three watercraft trailers for inventory was received from Starlight Sports. All merchandise purchases by Granite Bay Jet Ski are recorded NET.
A new shipment of three watercraft trailers for inventory was received from Starlight Sports. All merchandise purchases by Granite Bay Jet Ski are recorded NET. The invoice from Starlight shows the list price of the trailers at $1,200 each. Credit terms of 1/10, n/30 are offered and the merchandise is shipped FOB destination. Invoice Number: S2717. Vendor Number: 28600. The calculated NET purchase price of the merchandise that will be recorded in the journal entry is $3,564.00 ($3600 x .99)
How would you calculate and journalize this entry?
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Under the net method of Purchases are recorded at net price Gross price l...
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Elementary Statistics
Authors: Robert R. Johnson, Patricia J. Kuby
11th Edition
978-053873350, 9781133169321, 538733500, 1133169325, 978-0538733502
