Prepare journal entries to record purchase and payment, Financial Accounting

+44 141 628 6080
[email protected]

Prepare journal entries to record purchase and payment

Purchase discounts; gross method

Response to the following problem:

On December 28, 2016, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2017.

Prepare the journal entries on December 28 and January 6 to record the purchase and payment.

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Financial Accounting: Prepare journal entries to record purchase and payment

Reference No:- TGS02092877

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Financial Accounting

Q : Calculate the inventory value at the end of year by lifo

At the beginning of 2016, a company adopts the dollar-value LIFO inventory method for its one inventory pool.

Q : Calculate cost of goods sold for the six months ended

The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory .

Q : Describe an impact on the business environment

Which theory (Ownership and Stakeholder) do you feel has more of an impact on the business environment?

Q : Disclosure about lifo liquidation profit or loss

Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $500,000.

Q : Prepare journal entries to record purchase and payment

On December 28, 2016, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each.

Q : Discuss supply chain profession

Supply Chain Profession-Forum - You may pick out one topic or several topics to discuss.

Q : Describe the qualitative approach to risk assessment

Describe the qualitative approach to risk assessment. Why does this approach, which does not rely on numerical data, work?

Q : What probability that he or she will value receiving coupon

If you send a coupon mailer to one person at random, what is the probability that he or she will value receiving the coupon?

Q : Discuss globally optimized operations

Globally Optimized Operations-Forum - You may pick out one topic or several topics to discuss.

1936137

Questions
Asked

3,689

Active Tutors

1417415

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

Discuss patient with athsma about use of bronchodilators

You're instructing a patient with athsma about the use of bronchodilators. You should teach the patient which one?

Discuss new forms of advertising changing opdps work

How have social media and other new forms of advertising changing OPDP's work?

Observing and reporting a correctional clients behavior

Observing and reporting a correctional client's behavior is extremely important, to ensure they receive the right mental health care.

Discussion about improve patient satisfaction scores

You are trying to improve patient satisfaction scores in your hospital's emergency department. You decide to poll 40 patients a day for three weeks.

Problem concerning about the risk for stroke

Sam is concerned about his risk for his stroke since his dad died of stroke at age 57 based on the following information why would you recommend

Patient presented with acute-onset abdominal pain

You are on your 5th straight duty in the Urgent Care and you are seeing a 18 yo may who presented with acute-onset abdominal pain for 2 days.

Discuss - male with a history of moderate persistent asthma

A nurse is caring for an 8-year-old male with a history of moderate persistent asthma. He is accompanied by his mom and dad who reported