Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to...
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Accounting
Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.
Required:
1. Prepare the journal entry to record the purchase.
2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024.
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