Recording purchases at net amounts.
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following:(a) Purchased merchandise costing $2,500 with terms 2/10, n/30.(b) Payment was made thirty days after the purchase.

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The Answer of Recording purchases at net amounts.
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following:(a) Purchased merchandise costing $2,500 with terms 2/10, n/30.(b) Payment was made thirty days after the purchase.

Recording Purchases at Net Amounts