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On March 16, Lamar Travel bought 90 bus trips on account at $70 each. Terms of the purchase were 4/10,n/30. It paid for 55 bus
On March 16, Lamar Travel bought 90 bus trips on account at $70 each. Terms of the purchase were 4/10,n/30. It paid for 55 bus trips on March 25 and paid for the remaining 35 bus trips on April 15. If Lamar uses the net method to account for its inventory purchases, what is its cash payment and reduction of inventory on March 25 ? What is the amount of accounts payable after the March 25 payment? Assume that the perpetual inventory system is used. (For entries with a $0 balance, make sure to enter "0" in the appropriate input cell.) On October 25, Lamar cash payment is On October 25 , the reduction of inventory is
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