Question

On August 1, Gilmore Company purchased merchandise from Hendren with an invoice price of $ 60,000 and credit terms of 2/10, n/30. Gilmore Company paid Hendren on August 11. Prepare any required journal entry(ies) for Gilmore Company ( the purchaser) on:
(a) August 1,
(b) August 11.
Assume Gilmore uses the perpetual inventory method.



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  • CreatedNovember 26, 2013
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