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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 20% trade discount. The terms of the sale were 310,n30. Comfort uses a perpetual inventory
system.
Required:
Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26,2024
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 15,2024.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26,2024. Comfort
uses the gross method of accounting for purchase discounts.
Note: If no entry is required for a transaction/event, 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 150 units of inventory on November 17,2024. The units have a list price of $460 each, but
Comfort was given a 20% trade discount. The terms of the sale were 310,n30. Comfort uses a perpetual inventory
system.
Required:
Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26,2024
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 15,2024.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare the journal entry for the payment, assuming instead that it was made on December 15,2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
Alternatively, record payment on December 15 using the gross method of
accounting for purchase discounts.
Note: Enter debits before credits.
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