Lacross Corporation purchased $50,000 inventory on account with terms of 1/10 net 30 on September 1,2010.
Required:
Assume periodic inventory system and net method
(A.)Make the entries to record the purchase of the inventory and subsequent payment of amount due on Sept 30,2010
Assume perpetual inventory system and gross method
(B.)Make the entries to record the purchase of the inventory and subsequent payment of the amount due on Sept 9,2010.

Question

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The Answer of Lacross Corporation purchased $50,000 inventory on account with terms of 1/10 net 30 on September 1,2010.
Required:
Assume periodic inventory system and net method
(A.)Make the entries to record the purchase of the inventory and subsequent payment of amount due on Sept 30,2010
Assume perpetual inventory system and gross method
(B.)Make the entries to record the purchase of the inventory and subsequent payment of the amount due on Sept 9,2010.

Lacross Corporation Purchased $50,000 Inventory on Account with Terms of 1/10