Akron Company, which uses a perpetual inventory system, purchased merchandise inventory costing $10,000 with credit terms of 2/10, n/30 on March 7. On March 15, the company paid 1/2 of the amount due. The remaining balance was paid on April 7.
Required:
Record the journal entries related to this transaction using the net method of recording purchases.

Question

Quizplus · Accepted Answer

The Answer of Akron Company, which uses a perpetual inventory system, purchased merchandise inventory costing $10,000 with credit terms of 2/10, n/30 on March 7. On March 15, the company paid 1/2 of the amount due. The remaining balance was paid on April 7.
Required:
Record the journal entries related to this transaction using the net method of recording purchases.

Akron Company, Which Uses a Perpetual Inventory System, Purchased Merchandise