On December 28, 2024, Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 110/110 , n30/n30 . VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 28, 2024. Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the payment on January 6, 2025.
On December 28, 2024, Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 110/110 , n30/n30 . VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025.
Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts.
Note: If no entry is required for a transaction/event, select "No
Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 28, 2024.
Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the payment on January 6, 2025.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
