Create all journal entries in General Journal format. 1. (10 points) Whis-Key Company records purchases of...

   

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Create all journal entries in General Journal format. 1. (10 points) Whis-Key Company records purchases of inventory at invoice cost at the time of purchase: Debit Inventory and credit Accounts Payable. When they take advantage of discount terms, they credit Inventory at the time of payment. Using the “P 1" tab in the spreadsheet, create journal entries to record each of the following events: a. Purchased inventory with an invoice value of $17,200. Credit terms are 2/10, net/30. b. After consultation with the seller, they reduced the invoice amount by $3,025 for items that were damaged in shipment. c. On the last day of the discount period, they paid the remaining balance, taking advantage of the discount. 1 2 Date Account Name 3 4 5 6 7 00 8 9 10 11 12 13 14 15 General Journal Debit Credit Create all journal entries in General Journal format. 1. (10 points) Whis-Key Company records purchases of inventory at invoice cost at the time of purchase: Debit Inventory and credit Accounts Payable. When they take advantage of discount terms, they credit Inventory at the time of payment. Using the “P 1" tab in the spreadsheet, create journal entries to record each of the following events: a. Purchased inventory with an invoice value of $17,200. Credit terms are 2/10, net/30. b. After consultation with the seller, they reduced the invoice amount by $3,025 for items that were damaged in shipment. c. On the last day of the discount period, they paid the remaining balance, taking advantage of the discount. 1 2 Date Account Name 3 4 5 6 7 00 8 9 10 11 12 13 14 15 General Journal Debit Credit

Answer rating: 100% (QA)

15 Cost of products sold 16 Selling general and administrative expense 17 OPERATING INCOME 18 Intere... View the full answer