Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30 - Slinky uses the het method for recording purchases and uses a perpetual inventory system. Required: . Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30. Slinky uses the
net method for recording purchases and uses a perpetual inventory system.
Required:
1. Prepare the journal entry to record the purchase.
2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 and 3
Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024.
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
<
1
2
Record the payment of the entire invoice on June 18, 2024.
Note: Enter debits before credits.
Date
June 18, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
Transcribed Image Text:Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. 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 < 1 2 Record the payment of the entire invoice on June 18, 2024. Note: Enter debits before credits. Date June 18, 2024 Record entry General Journal Clear entry Debit Credit View general journal >
Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30. Slinky uses the
net method for recording purchases and uses a perpetual inventory system.
Required:
1. Prepare the journal entry to record the purchase.
2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024.
Complete this question by entering your answers in the tabs below.
Req 1
Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Req 2 and 3
View transaction list
Journal entry worksheet
<
1
2
Record the payment of the entire invoice on July 8, 2024.
Note: Enter debits before credits.
Date
July 08, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Req 2 and 3 View transaction list Journal entry worksheet < 1 2 Record the payment of the entire invoice on July 8, 2024. Note: Enter debits before credits. Date July 08, 2024 Record entry General Journal Clear entry Debit Credit View general journal
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