Dunbar Company sells electronics and on January 4, 2016, purchased 3,500 television sets at $600 each, on credit. Terms of the purchase were 2/10, n/30. Dunbar paid for 25% of these sets on January 13 and the remaining 75% on February 1.

Required: Prepare the journal entries on Dunbar Companys books, assuming that it uses the net price method to record its merchandise. (Dunbar uses a perpetual inventory system.) Additional Instruction

How does grading work?

PAGE 9

GENERAL JOURNAL

Score: 73/88

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1		Inventory		2058000
2		Accounts Payable			2058000
3		Accounts Payable
4		Cash
5		Accounts Payable
6		Purchases Discounts Lost
7		Cash

1.	Prepare the journal entries on Dunbar Companys books, assuming that it uses the net price method to record its merchandise. (Dunbar uses a perpetual inventory system.)