Examine the invoice below. If LuLu's library paid the invoice of 5/30/17 on 6/6/17, record the...
Examine the invoice below. If LuLu's library paid the invoice of 5/30/17 on 6/6/17, record the journal entry that would be made for the payment of the invoice. Explain in 100-150 words the effect of discounts on merchandise inventory.
| Invoice | Date: 5/30/17 |
|---|---|
| Terms: 2/10, n/30 | |
| Purchase of 25 textbooks at $11. 25 each | $281.25 |
| Shipping and Handling | $12.50 |
| Total Due: | $293.75 |
Homework Answers
Journal Entry
Purchase a/c...............Dr $281.25
Carriage inward a/c.. Dr $12. 50
To cash a/c $293.75
Discount on merchandise inventory
(Being purchased text books for $281.25 and paid shipping and delivery charges of $12. 50)
Add Answer to:
Examine the invoice below. If LuLu's library paid the invoice of
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