Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses thenet 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 1Prepare 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 3View transaction listJournal entry worksheet<12Record the payment of the entire invoice on June 18, 2024.Note: Enter debits before credits.DateJune 18, 2024Record entryGeneral JournalClear entryDebitCreditView general journal> Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses thenet 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 1Prepare 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 3View transaction listJournal entry worksheet<12Record the payment of the entire invoice on July 8, 2024.Note: Enter debits before credits.DateJuly 08, 2024Record entryGeneral JournalClear entryDebitCreditView general journal

Answer 1.Required journal entry to record the purchase of inventory on account is as under:Date…

Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, 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.

Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, 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.

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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