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 Johnson’s purchases on October 23 and the subsequent payment on October 31.
Using the information from RE7-8, prepare journal entries to record Johnson’s purchase on October 23 and the subsequent payment on November 30.
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