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Required information Complete the buyers journal entry for payment by selecting the account names from amounts in the debit
Journal entry worksheet A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that
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Answer #1
Journal Entries
Date Account Tittle Debit Credit
Dec. 5 Inventory $4,000
Account Payable $4,000
Inventory purchased on account
Dec. 7 Account Payable 400
Inventory 400
To record defective inventory kept at reduce price
Dec. 15 Account Payable 3,600
Cash 3,528
Inventory 72
To record Payment of Invoices within discount period
Discount = (4,000 -400) \times 0.02 = $72
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