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On December 28, 2024, Videotech Corporation (VTC) purchased 17 units of a new satelite uplink system from Tostar Communications for $25,000 each. The terms of each sale were 1/10, n/30, 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 fleid. View transaction list Journal entry worksheet 2 Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 20, 2024 Note Enter debits before credits. Date December 28 2024 Record entry General Journal Clear entry Debit Credit View general journal 4

On December 28, 2024, Videotech Corporation (VTC) purchased 17 units of a new satelite uplink system from Tostar Communications for $25,000 each. The terms of each sale were 1/10, n/30, 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 fleid. View transaction list Journal entry worksheet 2 Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 20, 2024 Note Enter debits before credits. Date December 28 2024 Record entry General Journal Clear entry Debit Credit View general journal 4

FINANCIAL ACCOUNTING
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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On December 28, 2024, Videotech Corporation (VTC) purchased 17 units of a new satelite uplink system from Tostar Communications for $25,000 each. The terms of each sale were 1/10, n/30, 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 fleid. View transaction list Journal entry worksheet 2 Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 20, 2024 Note Enter debits before credits. Date December 28, 2024 Record entry General Journal Clear entry Debit Credit View general journal 4
Transcribed Image Text:On December 28, 2024, Videotech Corporation (VTC) purchased 17 units of a new satelite uplink system from Tostar Communications for $25,000 each. The terms of each sale were 1/10, n/30, 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 fleid. View transaction list Journal entry worksheet 2 Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 20, 2024 Note Enter debits before credits. Date December 28, 2024 Record entry General Journal Clear entry Debit Credit View general journal 4
On December 28, 2024, Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. 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. View transaction list Journal entry worksheet Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25.000 each. The terms of each sale were 1/10, n/30. Record the payment on January 6, 2025. Notel Enter debits before credits. Date January 08, 2025 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:On December 28, 2024, Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. 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. View transaction list Journal entry worksheet Videotech Corporation (VTC) purchased 17 units of a new satellite uplink system from Tristar Communications for $25.000 each. The terms of each sale were 1/10, n/30. Record the payment on January 6, 2025. Notel Enter debits before credits. Date January 08, 2025 Record entry General Journal Clear entry Debit Credit View general journal
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