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alexandr402 [8]
3 years ago
9

Slinky Company purchased merchandise on June 10, 2021, at a price of $26,000, subject to credit terms of 4/10, n/30. Slinky uses

the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.
Business
1 answer:
vampirchik [111]3 years ago
4 0

Answer:

The answer is given below;

Explanation:

June 10.

Inventory    (26,000*.96)                Dr.$24,960

Accounts Payable                                                   Cr.$24,960

2.If payment is made on June 18,2021

Accounts Payable           Dr.$24,960

 Bank                                Cr.$24,960

3. If payment is made on July 8,2021

    Inventory  (26,000-24,960) Dr.$1,040

   Accounts Payable                  Cr.$1,040

    Accounts Payable (1,040+24,960) Dr.$26,000

    Bank                                                 Cr.$26,000

As the credit period of 10 days  for discount was not availed, therefore full amount payment will be made.

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Laura is head of ABC Systems. She needs to allocate a fixed amount of funds to various projects. There are two top projects that
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3 years ago
A company is offering perpetual preferred stock (its dividend payments last forever) with a fixed annual dividend of $100. If yo
sukhopar [10]

Answer:

833.33

Explanation:

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3 years ago
Company X purchased Company Y using financing as follows: $18 million from mortgages, $3 million from retained earnings, $13 mil
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Answer:

The debt to equity mix = 74.65% - 25.35%

Explanation:

The computation of the debt to equity mix is shown below:

Debt is

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And, the Equity is

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And, percentage of equity financing is

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