Stober Corporation made two purchases of inventory on account during the month of March. The first purchase
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Stober Corporation made two purchases of inventory on account during the month of March. The first purchase was made on March 5 for $30,000, and the second purchase was made on March 10 for $60,000. The terms of each purchase were 2/10, n/30. The first purchase was settled on March 13, and the second was settled on July 18.
REQUIRED:
a. prepare all the necessary journal entries associated with these transactions.
b. Assume that with respect to the second purchase, the company settled two-thirds of the accounts payable balance on March 19 and settled the remaining balance on August 7. The first purchase was settled on March 13. Prepare all the necessary journal entries associated with the second purchase.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... 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...
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a 35 Inventory A 30000 Accounts Payable L 30000 Purchase...View the full answer
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