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Required information [The following information applies to the questions displayed below.] Comfort Company purchased 100 units of inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 30% trade discount. The terms of the sale were 2/10/30 - Comfort uses a perpetual inventory system. 3. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and payment on November 26, 2024, and (b) December 15, 2024 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Reg 3A Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Req 3B 1 Record the purchase of inventory. Req 3A Note: Enter debits before credits. Date November 17, 2024 2 < View transaction list 1 Req 3B Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet General Journal Date Debit Note: Enter debits before credits. Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Credit General Journal Debit Credit

Required information [The following information applies to the questions displayed below.] Comfort Company purchased 100 units of inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 30% trade discount. The terms of the sale were 2/10/30 - Comfort uses a perpetual inventory system. 3. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and payment on November 26, 2024, and (b) December 15, 2024 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Reg 3A Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Req 3B 1 Record the purchase of inventory. Req 3A Note: Enter debits before credits. Date November 17, 2024 2 < View transaction list 1 Req 3B Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet General Journal Date Debit Note: Enter debits before credits. Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Credit General Journal Debit Credit

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....
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Ⓡ Required information [The following information applies to the questions displayed below.] Comfort Company purchased 100 units of inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 30 % trade discount. The terms of the sale were 2/10/30 - Comfort uses a perpetual inventory system. 3. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and payment on November 26, 2024, and (b) December 15, 2024 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Reg 3A Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Req 38 1 Record the purchase of inventory. Req 3A Note: Enter debits before credits. Date November 17, 2024 2 < Req 3B View transaction list 1 Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet General Journal Note: Enter debits before credits. Date December 15, 2024 Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Record entry Debit Credit General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Ⓡ Required information [The following information applies to the questions displayed below.] Comfort Company purchased 100 units of inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 30 % trade discount. The terms of the sale were 2/10/30 - Comfort uses a perpetual inventory system. 3. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and payment on November 26, 2024, and (b) December 15, 2024 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Reg 3A Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Req 38 1 Record the purchase of inventory. Req 3A Note: Enter debits before credits. Date November 17, 2024 2 < Req 3B View transaction list 1 Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet General Journal Note: Enter debits before credits. Date December 15, 2024 Alternatively, record payment on December 15 using the net method of accounting for purchase discounts. Record entry Debit Credit General Journal Clear entry Debit Credit View general journal
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