Required Information [The following Information applies to the questions displayed below.] Comfort Company purchased 180 units of Inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 25% trade discount. The terms of the sale were 2/10. /30. Comfort uses a perpetual Inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming Instead that it was made on December 15, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting 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 View journal entry worksheet No Date General Journal 1 November 17, 2024 Inventory Accounts payable November 26. 2 Accounts payable 2024 Inventory Cash Debit Credit 67,500 67,500 67.500
Required Information [The following Information applies to the questions displayed below.] Comfort Company purchased 180 units of Inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 25% trade discount. The terms of the sale were 2/10. /30. Comfort uses a perpetual Inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming Instead that it was made on December 15, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the gross method of accounting 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 View journal entry worksheet No Date General Journal 1 November 17, 2024 Inventory Accounts payable November 26. 2 Accounts payable 2024 Inventory Cash Debit Credit 67,500 67,500 67.500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answer in proper format or skip answer with explanation , computation , narrations for each entry answer in text form
![Required Information
[The following Information applies to the questions displayed below.]
Comfort Company purchased 180 units of Inventory on November 17, 2024. The units have a list price of $500 each, but
Comfort was given a 25% trade discount. The terms of the sale were 2/10. /30. Comfort uses a perpetual Inventory
system.
Required:
1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024.
Comfort uses the gross method of accounting for purchase discounts.
2. Prepare the journal entry for the payment, assuming Instead that it was made on December 15, 2024.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort
uses the gross method of accounting 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
View journal entry worksheet
No
Date
General Journal
1
November 17,
2024
Inventory
Accounts payable
November 26.
2
Accounts payable
2024
Inventory
Cash
Debit
Credit
67,500
67,500
67.500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73d66152-65d9-4999-ab84-6ce2ba8709c5%2Fc9df5f28-508f-420e-953a-d545041219ff%2Fqml73n_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following Information applies to the questions displayed below.]
Comfort Company purchased 180 units of Inventory on November 17, 2024. The units have a list price of $500 each, but
Comfort was given a 25% trade discount. The terms of the sale were 2/10. /30. Comfort uses a perpetual Inventory
system.
Required:
1. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024.
Comfort uses the gross method of accounting for purchase discounts.
2. Prepare the journal entry for the payment, assuming Instead that it was made on December 15, 2024.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort
uses the gross method of accounting 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
View journal entry worksheet
No
Date
General Journal
1
November 17,
2024
Inventory
Accounts payable
November 26.
2
Accounts payable
2024
Inventory
Cash
Debit
Credit
67,500
67,500
67.500
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