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Required information [The following information applies to the questions displayed below.] Comfort Company purchased 100 units of inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 30% trade discount. The terms of the sale were 2/10/30 - Comfort uses a perpetual inventory system. 3. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and payment on November 26, 2024, and (b) December 15, 2024 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Reg 3A Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net 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 Journal entry worksheet < Req 3B 1 Record the purchase of inventory. Req 3A Note: Enter debits before credits. Date November 17, 2024 2 < View transaction list 1 Req 3B Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet General Journal Date Debit Note: Enter debits before credits. Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Credit General Journal Debit Credit

Required information [The following information applies to the questions displayed below.] Comfort Company purchased 100 units of inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 30% trade discount. The terms of the sale were 2/10/30 - Comfort uses a perpetual inventory system. 3. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and payment on November 26, 2024, and (b) December 15, 2024 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Reg 3A Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net 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 Journal entry worksheet < Req 3B 1 Record the purchase of inventory. Req 3A Note: Enter debits before credits. Date November 17, 2024 2 < View transaction list 1 Req 3B Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet General Journal Date Debit Note: Enter debits before credits. Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Credit General Journal Debit Credit

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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### Required Information **Context:** Comfort Company purchased 100 units of inventory on November 7, 2024. The units have a list price of $500 each, but Comfort was given a 30% trade discount. The terms of the sale were "2/10, n/30." Comfort uses a perpetual inventory system. ### Problem: Prepare the journal entries to record: 1. (a) Purchase by Comfort on November 17 and payment on November 26, 2024. 2. (b) Payment on December 15, 2024 using the net method of accounting for purchase discounts. ### Instructions Complete this question by entering your answers in the tabs below. #### Requirements: - **Req 3A:** - Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net 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.* - **Req 3B:** - Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. - *Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.* ### Journal Entry Worksheet #### Entry for November 17, 2024: - **General Journal:** - Record the purchase of inventory. #### Instructions: - Enter debits before credits. #### Entry for December 15, 2024: - Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. - **View Transaction List:** Allows users to view all related transactions. ### Diagram Explanation: The diagram provided is a worksheet for recording journal entries. It includes fields for: - **Date** - **General Journal** - **Debit** - **Credit** The worksheet specifies that debits must be entered before credits, encouraging accurate and systematic recording of financial transactions.
Transcribed Image Text:### Required Information **Context:** Comfort Company purchased 100 units of inventory on November 7, 2024. The units have a list price of $500 each, but Comfort was given a 30% trade discount. The terms of the sale were "2/10, n/30." Comfort uses a perpetual inventory system. ### Problem: Prepare the journal entries to record: 1. (a) Purchase by Comfort on November 17 and payment on November 26, 2024. 2. (b) Payment on December 15, 2024 using the net method of accounting for purchase discounts. ### Instructions Complete this question by entering your answers in the tabs below. #### Requirements: - **Req 3A:** - Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net 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.* - **Req 3B:** - Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. - *Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.* ### Journal Entry Worksheet #### Entry for November 17, 2024: - **General Journal:** - Record the purchase of inventory. #### Instructions: - Enter debits before credits. #### Entry for December 15, 2024: - Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. - **View Transaction List:** Allows users to view all related transactions. ### Diagram Explanation: The diagram provided is a worksheet for recording journal entries. It includes fields for: - **Date** - **General Journal** - **Debit** - **Credit** The worksheet specifies that debits must be entered before credits, encouraging accurate and systematic recording of financial transactions.
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