Described below are certain transactions of Lamar Company for 2018: 1. On May 10, the company purchased
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1. | On May 10, the company purchased goods from Fox Company for $72,400, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. | |
2. | On June 1, the company purchased equipment for $94,800 from Rao Company, paying $34,800 in cash and giving a one-year, 9% note for the balance. | |
3. | On September 30, the company discounted at 10% its $200,000, one-year zero-interest-bearing note at Virginia State Bank. |
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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