1.

On December 28, 2016, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $21,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2017.

Prepare the journal entries on December 28 and January 6 to record the purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the inventory purchase on account.

DATE	GENERAL JOURNAL	DEBIT	CREDIT
December 28,2016

Record the payment to Tristar Communications

DATE	GENERAL JOURNAL	DEBIT	CREDIT
January 06,2017

2.

On December 28, 2016, Videotech Corporation (VTC) purchased 12 units of a new satellite uplink system from Tristar Communications for $22,000 each. The terms of each sale were 2/10, n/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2017.

Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record The inventory purchase on account.

DATE	GENERAL JOURNAL	DEBIT	CREDIT
December 28,2016

Record the payment to Tristar Communications

DATE	GENERAL JOURNAL	DEBIT	CREDIT
January 06,2017