Question

For each of these three credit purchases, prepare the journal entry to record the payment of the obligation. Assume that purchases were paid within the discount period and that the purchasing firm uses the net price method of recording purchases and the perpetual inventory system.
Purchase 1: Purchased $ 108,000 in merchandise from Pilipacek Company; terms 2 10, n 30.
Purchase 2: Purchased merchandise with a list price of $ 55,000 from VanMeter Company; terms 1 EOM, n 60.
Purchase 3: Purchased from Fink Corporation merchandise with a price of $ 142,000; terms 1 15, n 60.


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  • CreatedMarch 25, 2015
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