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Please explain how to solve for these answers. On May 16, Leone Childcare bought 60 tumbling mats on account at $50 each. Terms of the
Please explain how to solve for these answers.
On May 16, Leone Childcare bought 60 tumbling mats on account at $50 each. Terms of the purchase were 2/10, n/30. It paid for 20 tumbling mats on May 25 and paid for the remaining 40 tumbling mats on June 15. If Leone uses the net method to account for its inventory purchases, what is its cash payment and reduction of inventory on May 25? What is the amount of accounts payable after the May 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.) 980 on Since Leone uses the net method to account for its inventory purchases, Leone's cash payment is $ May 25. The reduction of inventory is $ O on May 25. The accounts payable balance after the May 25 payment is $Step by Step Solution
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