Question: Using the information in RE7-6, prepare journal entries to record Stevens Companys purchases on July 10 and the sub-sequent payment on August 8. In RE7-6

Using the information in RE7-6, prepare journal entries to record Stevens Company’s purchases on July 10 and the sub-sequent payment on August 8.
In RE7-6
On July 10, Stevens Company purchases $50,000 of inventory on credit with payment terms of 2/10, net 30. Using the gross price method, prepare journal entries to record Stevens’s purchases on July 10 and the subsequent payment on July 18.

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