On June 5, Staley Electronics purchases 190 units of inventory on account for $20 each, with terms 1/10, n/30. Staley pays for the inventory on June 12. 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system. (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 1 Record the payment on account. Note: Enter debits before credits. Date June 22 General Journal Debit Credit Record entry Clear entry View general journal
On June 5, Staley Electronics purchases 190 units of inventory on account for $20 each, with terms 1/10, n/30. Staley pays for the inventory on June 12. 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system. (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 1 Record the payment on account. Note: Enter debits before credits. Date June 22 General Journal Debit Credit Record entry Clear entry View general journal
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...
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Ashvin
![On June 5, Staley Electronics purchases 190 units of inventory on account for $20 each, with terms 1/10, n/30. Staley pays
for the inventory on June 12.
2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system.
(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
1
Record the payment on account.
Note: Enter debits before credits.
Date
June 22
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd26cdc63-6c1f-43d6-97c8-714c101cb4da%2F7bf40582-7aeb-45eb-b709-af4f55538287%2Fksj6f5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On June 5, Staley Electronics purchases 190 units of inventory on account for $20 each, with terms 1/10, n/30. Staley pays
for the inventory on June 12.
2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system.
(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
1
Record the payment on account.
Note: Enter debits before credits.
Date
June 22
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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