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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Government Auditing Standards 2011 Revision
Authors: U. S. Government Accountability Office, Comptroller General Of The United States
1st Edition
1482311372, 978-1482311372
