5.3

Gordon's Grocers purchases bread from Buddy's Bread Company at $2.35 per loaf, Gordon's engaged in a customer service contract to purchase 26,000 loaves of Euddy's bread. Buddy offered credit at terms of 2/10, r/30 and expects Gordon to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days (after the discount period). If an amount box does not require an entry, leave it blank