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Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. You are to provide the journal entries for the following transactions assuming a perpetual inventory system. PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "\$" and commas as needed (i.e. $12,345). - Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1 , with no discount terms - Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3 : - Lamplight purchases an additional fifteen light fixtures for $15 each on August 19 , invoice date August 19 , with no discount terms: - Lamplight pays $100 toward its account on August 22. - What amount does Lamplight Plus still owe to the supplier on August 30
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