Levels Tought:
University
Teaching Since: | Apr 2017 |
Last Sign in: | 340 Weeks Ago, 3 Days Ago |
Questions Answered: | 9562 |
Tutorials Posted: | 9559 |
bachelor in business administration
Polytechnic State University Sanluis
Jan-2006 - Nov-2010
CPA
Polytechnic State University
Jan-2012 - Nov-2016
Professor
Harvard Square Academy (HS2)
Mar-2012 - Present
Discounts
The Nelson Company bought inventory for $50,000 on terms of 2/15, n/60. It pays for the first $37,500 of inventory purchased within the discount period and pays for the remaining $12,500 two months later.
Required:
Prepare the journal entries to record the purchase and the payment under both the (1) gross price and (2) net price methods.
Â
-----------