How provide all journal entries in the books of large mart

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The notebook computer was purchased on credit (and received) on 1st May 201x. The computer had a list price of $5,000. However, because Large Mart purchases all of its notebook computers from this supplier, Large Mart was able to receive a "volume discount" of 10%. As a result, the supplier only sent Large Mart an invoice for $4,500. Large Mart paid the computer on 5th May after deducting an early payment discount of 5%.

Required:

Question 1: Provide all journal entries that are necessary in the books of Large Mart to account for the purchase and payment of the notebook computer.

Reference no: EM132597051

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