On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each, with terms

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On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each, with terms 2/10, n/30. Staley pays for the inventory on June 12.
Required:
1. Record transactions for the purchase of inventory and payment on account.
2. Now assume payment is made on June 22. Record the payment on account.
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Related Book For  answer-question

Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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