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Our company uses the perpetual system and the net method for accounting for inventory purchases and sales. Make the journal entry for the following items:
Our company uses the perpetual system and the net method for accounting for inventory purchases and sales. Make the journal entry for the following items: We purchased inventory on account, 2/10, net/30 $80,000 B We paid for the purchase in A, but we paid too late to take the discount We sold all of the merchandise we acquired in A on account for $100,000, 3/10, net/20 D We received payment for the sale in C. Our customer took the discount
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