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On October 1, Audubon Zoo purchased a selection of stuffed animals to sell in their gift shop. Invoices totaling $2,000 included items 2/10, n/45. Assuming
On October 1, Audubon Zoo purchased a selection of stuffed animals to sell in their gift shop. Invoices totaling $2,000 included items 2/10, n/45. Assuming Audubon uses the perpetual inventory system and accounts for purchase discounts using the gross method, provide the following journal entries.
(a) Record the purchase
(b) Invoices of $1,500 are paid on October 9th
(c) The remainder of invoices are paid October 15th.
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