Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Sep 7 | Merchandise inventory | 115300 | |
| Account payable | 115300 | ||
| Sep 13 | Account payable | 11450 | |
| Merchandise inventory | 11450 | ||
| Sep 15 | Account payable (115300-11450) | 103850 | |
| Cash (103850*98%) | 101773 | ||
| Merchandise inventory | 2077 | ||
b) Inventory Cost = $101773
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