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
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 2CPP: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...
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Question
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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