1. What is the entry to record purchase discount using perpetual inventory system when the payment is made within the discount period?

2. What is the entry to record sales discount using periodic inventory system if customer pays beyond the discount period?

3. ABC Company produces various animal feeds in 50-kg bag. Each batch has a total of 4,000 kilograms of various raw materials and it is normal for each run a 2% loss during production occurs. After a run of 5 batches of FG-A, they produced nine-eight 50-kg bags and the 345th bag has 43 kilos only. The 345th bag with 43 kilos only is considered as ?

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1 Entry to Record Purchase Discount Perpetual Inventory System Debit Inventory Credit Accounts Payab... View the full answer