Answered step by step
Verified Expert Solution
Question
1 Approved Answer
is this correct? Chec Slinky Company purchased merchandise on June 10, 2021, ot a price of $33,000, subject to credit terms of 210.0/30. Slinky uses
is this correct?
Chec Slinky Company purchased merchandise on June 10, 2021, ot a price of $33,000, subject to credit terms of 210.0/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system Required: 1. Prepare the journal entry to record the purchase 2. a 3. Prepare the journal entries to record the appropriate payment i the entire Invoice s paid on June 18, 2021 and July 8, 2021 Complete this question by entering your answers in the tabs below. D Ret 2 and 3 Prepare the journal entry to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) R1 Vienation but View journal entry worksheet NO General Journal Credit Debit 32.340 1 June 10, 2021 Inventory Accounts payable 32.340 Reg 2 and 3 > Slinky Company purchased merchandise on June 10, 2021, at a price of $33,000, subject to credit terms of 210, 1/30. Sunky uses the net method for recording purchases and uses a perpetual inventory system Required: 1. Prepare the journal entry to record the purchase 2. & 3. Prepare the journal entries to record the appropriate payment If the entire invoice is paid on June 18, 2021 and July 8, 2021 Complete this question by entering your answers in the tabs below. 5.07 Reg 1 Reg 2 and 3 Prepare the journal entries to record the appropriate payment of the entire involce is paid on June 18, 2021 and July 8, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction is View journal entry worksheet NO General Journal Credit Date June 18, 2021 Debit 32,340 1 Accounts payable Cash 32,340 2 2 July 08, 2021 Accounts payable Purchase discounts lost Cash 32,340 650 33 000 SAM Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started