Question: Problem 1 (6 points) Lakside Restaurant purchased inventory from Valley Packing, receiving an invoice dated Feb 3, 20X4, for $2,000 with terms 2/10, n/30. Required:

Problem 1 (6 points)

Lakside Restaurant purchased inventory from Valley Packing, receiving an invoice dated Feb 3, 20X4, for $2,000 with terms 2/10, n/30.

Required:

Using the net method of recording purchased, complete the following:

  1. Record the purchase of the inventory.
  2. Record the payment of the invoice within the discount period.
  3. Record the payment of the invoice after the discount period.

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