Perpetual System- Recording Purchases and Payments with Discounts Using Net Method Track Bicycles Inc. purchased merchandise inventory on February 1 for $93,500 on account, terms 2/10, n/30. The company maintains a perpetual inventory system and it accounts for purchases using the net method. The amount due to settle the account was paid on February 9. Record the purchases entry on February 1 and the payment entry on February 9. • Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).

Perpetual System- Recording Purchases and Payments with Discounts Using Net Method Track Bicycles Inc. purchased merchandise inventory on February 1 for $93,500 on account, terms 2/10, n/30. The company maintains a perpetual inventory system and it accounts for purchases using the net method. The amount due to settle the account was paid on February 9. Record the purchases entry on February 1 and the payment entry on February 9. • Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 9SPB: PURCHASES JOURNAL Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise...

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