Slinky Company purchased merchandise on June 10, 2021, at a price of $20,000, subject to credit terms of 2/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.

Required:
1. Prepare the journal entry to record the purchase.
2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021, and July 8, 2021.

Answer rating: 100% (QA)

A 1 Req 1 N3567 2 4 6 Req 2 8 9 10 Req 3 11 12 13 B Date June 10 2021 June 18 2021 Ju... View the full answer