Homework Answers
a.
| General Journal | Debit | Credit |
| Merchandise inventory | $6,200 | |
| Accounts payable | $6,200 |
b.
| General Journal | Debit | Credit |
| Accounts payable | $6,200 | |
| Cash | $6,076 | |
| Merchandise inventory | $124 |
Purchase discount = Purchase x Discount rate
= 6,200 x 2/100
= $124
Cash payment = Purchase - Purchase discount
= 6,200-124
= $6,076
Kindly comment if you need further assistance. Thanks‼!
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