On July 7, 2031 Terry Min, the owner of MIN'S RARE MUSICAL (buyer) purchased theremin...
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Accounting
On July 7, 2031 Terry Min, the owner of MIN'S RARE MUSICAL (buyer) purchased theremin musical instuments on credit having a $7,000 invoice price, terms 3/10, n/30 from TREKKIES-R-US (seller) and paid for the theremin musical instruments within the discount period. TREKKIES-R-US purchased the theremins for $5,000 from their supplier.
Using a table that is 4 columns high and 8 rows wide, in good form prepare the appropriate journal entry/entries to record the purchase and payment for MIN'S RARE MUSICAL. Assume a perpetual inventory system. You may omit explanations.
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