Journal Entry WorksheetVideotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $29,000 each. The terms of each sale were 2/10, n/30. Record the payment on January 6, 2022.**Note:** Enter debits before credits.| Date | General Journal | Debit | Credit ||------------------|-----------------------|--------|----------|| January 06, 2022 | Accounts payable | | || | Cash | | 284,200 |Buttons at the bottom:- Record entry- Clear entry- View general journal ### Educational Text: Journal Entries for Videotech Corporation#### ContextOn December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications at a cost of $29,000 each. The terms of the sale were 2/10, n/30. VTC applies the gross method for accounting purchase discounts and operates a perpetual inventory system. The net-of-discount payment was made on January 6, 2022.#### InstructionsPrepare the journal entries for the transactions on December 28 and January 6 to record both the purchase and payment. If no entry is needed for a transaction/event, choose "No journal entry required" in the first account field.#### Journal Entry Worksheet1. **Transaction on December 28, 2021** - **Description:** Videotech Corporation (VTC) acquires 10 units of a new satellite uplink system from Tristar Communications, each valued at $29,000. - **Terms:** 2/10, n/30 - **Journal Entry:** - **Date:** December 28, 2021 - **General Journal:** - **Inventory**: Debit - **Accounts Payable**: Credit - **Note:** Debits should be recorded before credits.This educational content guides learners through preparing journal entries focusing on the acquisition and financial transactions of Videotech Corporation, demonstrating the application of terms of sale and the perpetual inventory system in accounting practices.

On December 28, 2021, Videotech Corporation (VIC) purchased 10 units of a new satellite uplink system from Iristar Communications for $29,000 each. The terms of each sale were 2/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On December 28, 2021, Videotech Corporation (VIC) purchased 10 units of a new satellite uplink system from Iristar Communications for $29,000 each. The terms of each sale were 2/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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