Question

journal entries please help

Hello all – time for the 2nd round of journal entries. The company sells Gizmos which is a product they purchase from a supplier. It is a retail sales company. 1/5/2020 - the company purchased 100 units at $75 each for a total of $7,500. The terms were 2/10 net30. This was the first time the company purchased the inventory item. 1/10/2020 - the company purchased another 100 units at $80 each for a total of $8,000. The terms were 2/10/net30 1/14/2020 - the company paid both invoices (1/5 and 1/10 purchases) Please post your entries to your tab by Sunday at 9pm.

Answer 1

Date	Particulars	Dr	Cr
05-01-2020	Purchase A/c Dr.	$7,500
	To Creditors A/c		$7,500
	(Being purchase of inventory item at $75)
10-01-2020	Purchase A/c Dr.	$8,000
	To Creditors A/c		$8,000
	(Being purchase of inventory item at $80)
14-01-2020	Creditors A/c Dr	$15,500
	To Cash/Bank A/c		$15,190
	To Discount Received A/c		$310
	(Being payment paid to credior of purchases on 05/01 & 10/01 and discount received of 2%)