Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an invoice with a list price amount of $5,100 and payment terms of 2/10, n/30. Alison uses the net method to record purchases. Alison should record the purchase at: Multiple Choice O $2,499. $5,100. $5,202. $4,998.

Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an invoice with a list price amount of $5,100 and payment terms of 2/10, n/30. Alison uses the net method to record purchases. Alison should record the purchase at: Multiple Choice O $2,499. $5,100. $5,202. $4,998.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Under the net method of purchases, purchases are recorded at net of discount.
Term 2/10 indicates 2% discount if invoice is paid within 10 days.
Under the net method of purchases, purchase by Alison's dress shop would be recorded at 2% discount.