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tatuchka [14]
2 years ago
13

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a

perpetual inventory system.
Sept. 15 Purchased merchandise with an invoice price of $77,500 and credit terms of 3/5, n/15.
Sept. 29 Paid supplier the amount owed on the September 15 purchase.
Business
1 answer:
zloy xaker [14]2 years ago
3 0

Answer and Explanation:

The journal entries are shown below;

On Sept 15

Merchandise inventory $77,500

           To Accounts payable $77,500

(Being purchase of inventory is recorded)  

On Sep 29

Accounts payable $77,500

            To Cash $75,175

            To Merchandise inventory (3% of $77,500 ) $2,325

(Being payment to suppliers after discount is recorded)  

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