Alpha filed to record the whole journal entry for a purchase discount of inventory. The purchase...
Alpha filed to record the whole journal entry for a purchase discount of inventory. The purchase had been made on credit using the periodic inventory system.
What are the JE?
Are assets, liabilities or net income; overstated, understated, neither? Why?
Homework Answers
To record a purchase discount under periodic inventory system, following journal entry is used.
Accounts payable - - - -
Purchase Discount - - - -
As Alpha has failed to record whole journal entry related to purchase discount, the effect of this will be as follows
As accounts payable are overstated liabilities will be overstated and as purchase discount is not recorded net income will be understated.
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