Travis Company purchased merchandise on account from a supplier for $5,300, terms 2/10, net 30. Travis...
- Travis Company purchased merchandise on account from a supplier for $5,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions.
Homework Answers
| Journal entries | |||
| No. | GENERAL JOURNAL | DEBIT ($) | 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 | |||
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