On June 5, Staley Electronics purchases 200 units of inventory on account for $19 each, with terms 2/10, n/30. Staley pays for the inventory on June 12. Required: 1. Record transactions for the purchase of inventory and payment on account using a perpetual system. 2. Now assume payment is made on June 22. Record the payment on account.

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Q: correct journal entry to record the payment on july 12th is

A: Answer:   Debit account Pay 2400 credit merchandise inventory 72 credit cash 2,328