1.) A hospitality firm receives an invoice for a $2,000 inventory purchases. The invoice is dated February 3 with terms of 2/15, n/30. Using the NET method of recording purchases, complete the following:

When recording the purchase of the inventory on Feb 3, the amount of the inventory is:

Inventory $?

2.) A hospitality firm receives an invoice for a $2,000 inventory purchases. The invoice is datedFebruary 3 with terms of 2/15, n/30. Using the NET method of recording purchases, complete the following:

When recording the payment of the invoice within the discount period, the amount of the Accounts Payable is:

Accounts Payable $?

Cash

Accounts Payable

3.) A hospitality firm receives an invoice for a $2,000 inventory purchases. The invoice is datedFebruary 3 with terms of 2/15, n/30. Using the NET method of recording purchases, complete the following:

When recording the payment of the invoice after the discount period, the amount of Discounts Lost is:

Accounts Payable

Discounts Lost $?

Cash