On August 5, Tollus Company purchased inventory costing $77,000 from Dunbar, Inc., on credit. The terms were 1/10, n/ 45. Tollus paid the invoice on August 12th. a. Prepare journal entries to record the following: 1. Purchase of the inventory (net-of-discount method) on August 5th. 2. Payment of Malton invoice on August 12th. Date Account Debit Credit August 5 Answer Answer To record purchase of inventory. August 12 Answer Answer To record cash payment to supplier. b. Post the journal entries from a. to the T-accounts below. Enter your answers, in transaction order, in the first open field of the appropriate column in each account.

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Journal Entries and TAccounts for Tollus Company a Journal Entries 1 Purchase of Inventory Aug... View the full answer