On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required: Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0. (Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2. (Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).
On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45.
Required:
Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.
(Use the net price method for items a. and b. below.)
a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1.
b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.
(Use the gross price method for c. and d. below.)
c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3.
d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the
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