On June 1, Johnson Company purchased $8000 of inventory on account from Schmid Company on June 1. Schmid Company offers a 4% discount if payment is received within 15 days. Johnson Company records the purchase using the net method and the perpetual inventory system. Johnson Company paid for the inventory on June 30. what is the journal entry on June 30 by Johnson Company includes ?

Answer rating: 100% (QA)

Heres the journal entry for Johnson Company on June 30th Date June 30 Accounts Debit I... View the full answer