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On December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25.000 each. The terms of
On December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25.000 each. The terms of each sale were 1/10, 1/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022 Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is not complete. General Journal No Date Debit Credit 250,000 December 28, 202 Inventory Accounts payable 200,000 January 06, 2022 Accounts payable Cost of goods sold
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