On June 5, a company purchases 170 units of inventory on account for $20 each, with terms 1/10, n/30. The company paysfor the 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.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)View transaction latJournal entry worksheetRecord the payment on account.Note: Enter debits before creditsDateGeneral JournalDebitCreditJune 22:

A journal entry is a form of accounting entry that is used to report a business transaction in a…

On June 5, a company purchases 170 units of inventory on account for $20 each, with terms 1/10, n/30. The company pays for the inventory on June 12. 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory syste (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lst Journal entry worksheet

On June 5, a company purchases 170 units of inventory on account for $20 each, with terms 1/10, n/30. The company pays for the inventory on June 12. 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory syste (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lst Journal entry worksheet

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...

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RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.