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On December 28, 2021. Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $27,000 each. The terms of
On December 28, 2021. Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $27,000 each. The terms of each sale were 2/10. n/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.) No Credit Answer is complete but not entirely correct. Date General Journal Debit December 28, 202 Inventory 248,800 Accounts payable 246,600 X January 06, 2022 Accounts payable 246,600 X Cash 264,600
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