Slinky Company purchased merchandise on June 10, 2018, at a price of $38,000, subject to credit terms of 3/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.

Required:

1.What would the journal entry to record the purchase look like?

2. & 3.What would the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2018 and July 8, 2018 look like?

1. put the purchase of merchandise subject to credit terms 3/10, n/30
2. put the purchase of merchandise subject to credit terms 3/10, n/30
3. put the payment on July 18,2019