Using the information from RE7 8 prepare journal entries to record
Using the information from RE7-8, prepare journal entries to record Johnson’s purchase on October 23 and the sub sequent payment on November 30.
RE7-8
On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johason’s purchases on October 23 and the sub-sequent payment on October 31.
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