Tony’s Market used the perpetual method to record the following events involving a recent purchase of...
Tony’s Market used the perpetual method to record the following
events involving a recent purchase of inventory:
Received goods for $78200, terms 2/9, n/30.
Returned $1700 of the shipment for credit.
Paid $700 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company’s inventory
Homework Answers
| Purchase amount | $ 78,200 |
| Less: Purchase return | -$ 1,700 |
| $ 76,500 | |
| Less: Discount (76,500 x 2%) | -$ 1,530 |
| $ 74,970 | |
| Add: Freight charge | $ 700 |
| Company's inventory increases by | $ 75,670 |
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im very confused on the part where its like a fraction, for example 2/10,n,30. if i...
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