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Transvaal Co. uses a perpetual inventory system and the net method for recording purchases on account. On May 2, the company purchased $249,300 of inventory
Transvaal Co. uses a perpetual inventory system and the net method for recording purchases on account. On May 2, the company purchased $249,300 of inventory on terms of 2/10, n/30. On May 5, Transvaal Co. returned $12,500 of the goods and paid 60% of the remaining balance. On May 15 the company paid the remaining balance. What should be included in the journal entry on May 5?
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