Travis Company purchased merchandise on account from a supplier for $8,200, terms 2/10, net 30. Travis...
Travis Company purchased merchandise on account from a supplier for $8,200, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
Under a perpetual inventory system, record the journal entries required for the above transactions.
a.
b.
Homework Answers
| Date | General Journal | Debit | Credit |
| a | Inventory | $8,200 | |
| Accounts payable | $8,200 | ||
| ( To record purchase of merchandise) | |||
| b. | Accounts payable | $8,200 | |
| Cash | $8,036 | ||
| Inventory | $164 | ||
| ( To record payment for merchandise) |
Discount amount = Amount due x Discount percentage
= 8,200 x 2/10
= $164
Kindly comment if you need further assistance.
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