Tahoe Ski Company uses the perpetual inventory system and the gross method of accounting for purchases.The company had the following transactions during January:
January 6: $\quad$ Purchased $\$ 4,000$ of inventory. The seller's credit terms are $2 / 10 , n / 30$
January 8: $\quad$ Returned $\$ 200$ worth of defective units and received full credit
January 15: Paid the amount due,less the returned items.
Prepare journal entries to record each of the preceding transactions.

Question

Tahoe Ski Company uses the perpetual inventory system and the gross method of accounting for purchases.The company had the following transactions during January:
 January 6: $\quad$ Purchased $\$ 4,000$ of inventory. The seller's credit terms are $2 / 10 , n / 30$
 January 8: $\quad$ Returned $\$ 200$ worth of defective units and received full credit 
January 15: Paid the amount due,less the returned items.
Prepare journal entries to record each of the preceding transactions.

Quizplus · Accepted Answer

The Answer of Tahoe Ski Company uses the perpetual inventory system and the gross method of accounting for purchases.The company had the following transactions during January:
 January 6: $\quad$ Purchased $\$ 4,000$ of inventory. The seller's credit terms are $2 / 10 , n / 30$
 January 8: $\quad$ Returned $\$ 200$ worth of defective units and received full credit 
January 15: Paid the amount due,less the returned items.
Prepare journal entries to record each of the preceding transactions.

Tahoe Ski Company Uses the Perpetual Inventory System and the Gross