Petri Corporation purchased equipment for an invoice price of $40,000, terms 2/10, n/30. (a) Record the purchase

Question:

Petri purchased equipment for an invoice price of $40,000, terms 2/10, n/30.
(a) Record the purchase of the equipment and the subsequent payment, assuming the payment was made within the discount period.
(b) Repeat (a), but assume the company's payment missed the discount period.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...