Question
Exercise 11-2A (Algorithmic) Trade Discount and Cash Discounts Merchandise was purchased on account from Jacob's Distributors on May 17. The purchase price was $2,100, less
Exercise 11-2A (Algorithmic) Trade Discount and Cash Discounts
Merchandise was purchased on account from Jacob's Distributors on May 17. The purchase price was $2,100, less a 10% trade discount and credit terms of 2/10, n/30. (If required, round your answers to the nearest cent.)
1. Calculate the net amount to record the invoice, less the 10% trade discount. $
2. Calculate the amount to be paid on this invoice within the discount period. $
3. Journalize the purchase of the merchandise on May 17 in a general journal. Journalize the payment on May 27 (within the discount period). If an amount box does not require an entry, leave it blank. |
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