Question: Please help with a journal entry June 7 Purchased direct materials, on account, FOB destination, from Yomoto Steel, Incorporated. The credit terms are 2/10,n/30. The

Please help with a journal entry June 7 Purchased direct materials,

Please help with a journal entry

June 7 Purchased direct materials, on account, FOB destination, from Yomoto Steel, Incorporated. The credit terms are 2/10,n/30. The invoice prices are net of discount. The materials are for Job 32. Gross price =$2,346.00/0.98=$2,393.88. If the discount of $47.88 is lost due to missing payment by the end of the credit period, it will be recognized as a Discount Lost at time of payment of the invoice

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