Question
1. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, n/30. Using the NET method
1. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, 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 $?
Accounts Payable
2. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, 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
3. Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 3/10, 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
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