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Comfort was given a 2 0 % trade discount. The terms of the sale were 3 1 0 , n 3 0 . Comfort uses
Comfort was given a trade discount. The terms of the sale were Comfort uses a perpetual inventory
system.
Required:
Prepare the journal entries to record the a purchase by Comfort on November and b payment on November
Comfort uses the gross method of accounting for purchase discounts.
Prepare the journal entry for the payment, assuming instead that it was made on December
Complete this question by entering your answers in the tabs below.
Required Required
Prepare the journal entries to record the a purchase by Comfort on November and b payment on November Comfort
uses the gross method of accounting for purchase discounts.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
Record the purchase of inventory.
Note: Enter debits before credits.
Required information
The following information applies to the questions displayed below.
Comfort Company purchased units of inventory on November The units have a list price of $ each, but
Comfort was given a trade discount. The terms of the sale were Comfort uses a perpetual inventory
system.
Required:
Prepare the journal entries to record the a purchase by Comfort on November and b payment on November
Comfort uses the gross method of accounting for purchase discounts.
Prepare the journal entry for the payment, assuming instead that it was made on December
Complete this question by entering your answers in the tabs below.
Required Required
Prepare the journal entry for the payment, assuming instead that it was made on December
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
Alternatively, record payment on December using the gross method of
accounting for purchase discounts.
Note: Enter debits before credits.
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