mastering Inventory homeworks solution

1 2. Cooke Enterprises orders inventory from Advantage Systems, FOB shipping point. The units list for $10,000, but Cooke gets a 5% trade discount. Freight is $150, which Cooke pays the trucker upon delivery. Before paying the invoice, Cooke notices that goods were damaged and returns the entire shipment. Prepare the journal entries to record each transaction under the perpetual method ++ Double-click to show white space 3. Wasatch Tech purchases goods with an invoice price of $4,200 and terms of 3/10, n/30 and pays the net amount after 8 days. Prepare the journal entries to record the purchase and payment if Wasatch books cash discounts: 9. at gross Purchase Inv. 4200