2 On December 28, 2018, Videotech Corporation (VTC) purchased 10 units of a new

Question

2 On December 28, 2018, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019. 0.5 points Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list eBook Journal entry worksheet Print 2 References Record the inventory purchase on account. Note: Enter debits before credits Date General Journal DebitCredit December 28, 2018 Inventory Accounts payable Record entry Clear entry View general journal

Explanation / Answer

Purchases A/c DR. 247500

Tristar Communication CR. 247500

Tristar Communication DR. 247500

Bank/Cash CR. 247500

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