On October 1, Oak Company purchased $10,000 of merchandise from City Seed Company, terms 2/10, n/30, and prepared voucher #222. Oak paid the invoice on October 15.
Required: Prepare journal entries to record the above transactions. Assume Oak uses the net method and the periodic inventory system for recording purchases.

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The Answer of On October 1, Oak Company purchased $10,000 of merchandise from City Seed Company, terms 2/10, n/30, and prepared voucher #222. Oak paid the invoice on October 15.
Required: Prepare journal entries to record the above transactions. Assume Oak uses the net method and the periodic inventory system for recording purchases.

On October 1, Oak Company Purchased $10,000 of Merchandise from City