On March 24, 2021, blue Company purchased merchandise with an invoice price of 48,000 and terms of 3/10, n/30 from red Company. blue Company is using the periodic inventory system and applying the net method in recording merchandise transactions. blue pays red half of the invoice price on March 31, 2021 and the remaining half on April 15, 2021. 1. What is the journal entry in the books of blue on March 24, 2021? 2. What is the journal entry in the books of blue on April 15, 2021??
On March 24, 2021, blue Company purchased merchandise with an invoice price of 48,000 and terms of 3/10, n/30 from red Company. blue Company is using the periodic inventory system and applying the net method in recording merchandise transactions. blue pays red half of the invoice price on March 31, 2021 and the remaining half on April 15, 2021. 1. What is the journal entry in the books of blue on March 24, 2021? 2. What is the journal entry in the books of blue on April 15, 2021??
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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On March 24, 2021, blue Company purchased merchandise with an invoice price of 48,000 and terms of 3/10, n/30 from red Company.
blue Company is using the periodic inventory system and applying the net method in recording merchandise transactions. blue pays red
half of the invoice price on March 31, 2021 and the remaining half on April 15, 2021.
1. What is the
2. What is the journal entry in the books of blue on April 15, 2021??
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