Instructions

Merchandise was purchased on account from Grant's Distributors on June $12.$ The purchase price was

$$5,000,$ less a $20\%$ trade discount and credit terms of $\frac{2}{10},\frac{n}{30}.$

Required:

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 periog.

$3.$ Journalize the purchase of the merchandise on June $12$ and the payment on June $22($within

the discount period$)$ in a general journal.

Calculations

Calculate the net amount to record the invoice, less the $20\%$ trade discount.

Calculate the amount to be paid on this invoice within the discount period.

General Journal

$3.$ Journalize the purchase of the merchandise on June $12$ and the payment on June $22($within the discount period$)$ in a general journal.

General Journal Instructions