Question

Travis Company purchased merchandise on account from a supplier for $5,300, terms 2/10, net 30. Travis...

  1. Travis Company purchased merchandise on account from a supplier for $5,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions.
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Journal entries
No. GENERAL JOURNAL DEBIT ($) CREDIT ($)
1 Merchandise Inventory        5,194.00
Accounts Payable (5,300 - 106)           5,194.00
2 Accounts Payable        5,194.00
Cash           5,194.00
Explanation
Discount = $5,300 x 2% = $106
Add a comment
Know the answer?
Add Answer to:
Travis Company purchased merchandise on account from a supplier for $5,300, terms 2/10, net 30. Travis...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT