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Required: (You have the option to upload the answer to this question) 1. Prepare the journal entry to record the purchase. 2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on March 11, 2021. 3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on April 2, 2021.

Required: (You have the option to upload the answer to this question) 1. Prepare the journal entry to record the purchase. 2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on March 11, 2021. 3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on April 2, 2021.

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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XYZ Co. purchased merchandise on March 4, 2021, at a price of $30,000, subject to credit terms of 2/10, n/30. XYZ uses the net method for recording purchases and uses a periodic inventory system. Required: (You have the option to upload the answer to this question) 1. Prepare the journal entry to record the purchase. 2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on March 11, 2021. 3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on April 2, 2021.
Transcribed Image Text:XYZ Co. purchased merchandise on March 4, 2021, at a price of $30,000, subject to credit terms of 2/10, n/30. XYZ uses the net method for recording purchases and uses a periodic inventory system. Required: (You have the option to upload the answer to this question) 1. Prepare the journal entry to record the purchase. 2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on March 11, 2021. 3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on April 2, 2021.
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