Purchase Discounts$-$ June $4-$Acct. $131$ Company bought $$25,200$ worth of merchandise on account from Tristate terms $2\frac{?}{15}$ net $25$

What is the percentage of discount?

When is the last day for the discount?

Journalize the entry

What is a debit memo?

June $8-$ Acct $131$ issues a debit memo for $$5,000$ worth of merchandise from June $4.$

Journalize June $8$ transaction.

June $10$ Acct $101$ pays for June $4$ purchase less June $8$ return. Journalize the transaction.

June $15$ Acct $101$ sells $$8000$ merchandise on account to BMX credit terms $\frac{3}{10}$ net $25$

The cost of Goods sold is $$3,500.$

Journalize June $15$ transaction.

June $17$ BMX issues a credit memo to Acct $101$ for the June $15$ purchase the amount of return is $$2,000.$ The cost of returned merchandise is $$800.$

Journalize June $17$ transaction.

June $21$ BMX pays for purchase from June $15$ less credit memo on June $17.$

Journalize June $21$ transaction.