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finlep [7]
2 years ago
12

On June 5, Staley Electronics purchases 120 units of inventory on account for $15 each, with terms 1/10, n/30. Staley pays for t

he inventory on June 12. 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system.
Business
1 answer:
Elenna [48]2 years ago
6 0

Answer:

Staley Electronics

Journal Entries:

June 12:

Debit Accounts Payable $1,800

Credit Cash Account $1,782

Credit Cash Discount $18

To record the payment on account.

June 22:

Debit Accounts Payable $1,800

Credit Cash Account $1,800

To record the payment on account.

Explanation:

a) Data and Calculations:

June 5 Inventory purchase of 120 units at $15 each = $1,800

Trade terms = 1/10, n/30

The trade terms imply that Staley receives 1% cash discount if it pays for the inventory before 10 days, but can enjoy a credit period of 30 in total.

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