On October 17, Sedona Salon Supplies bought $42, 000 of goods with terms of 1/10, n/30.One-third of the bill was paid on October 24, and the rest of the bill was paid on October 31.
Required:
Journalize for October 24 as follows:
a. gross method of ac counting for purchase discounts
b. net method of accounting for purchase discounts

Question

On October 17, Sedona Salon Supplies bought $42, 000 of goods with terms of 1/10, n/30.One-third of the bill was paid on October 24, and the rest of the bill was paid on October 31.
Required:
Journalize for October 24 as follows:
 a. gross method of ac counting for purchase discounts
b. net method of accounting for purchase discounts

Quizplus · Accepted Answer

The Answer of On October 17, Sedona Salon Supplies bought $42, 000 of goods with terms of 1/10, n/30.One-third of the bill was paid on October 24, and the rest of the bill was paid on October 31.
Required:
Journalize for October 24 as follows:
 a. gross method of ac counting for purchase discounts
b. net method of accounting for purchase discounts

On October 17, Sedona Salon Supplies Bought $42, 000 of Goods