On december 28 2013 videotech corporation vtc purchased 12

Assignment Help Accounting Basics

Reference no: EM13590272

On December 28, 2013, Videotech Corporation (VTC) purchased 12 units of a new satellite uplink system from Tristar Communications for $30,000 each. The terms of each sale were 2/10, 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, 2014. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Reference no: EM13590272

Questions Cloud

The current stock price is 41 and the contract is on 100 : suppose that you write a put contract with a strike price of 40 and an expiration date in 3 months. the current stock

Drakes sales manager is convinced that if the company had : here is drake companys income statement for the most recent year sales 26000 units........................... 650000

Starting from its nest an eagle flies at constant speed : question starting from its nest an eagle flies at constant speed for 3.2 min due east then 4.6 min due north. from

How much does the investor gain or lose if the exchange : an investor enters into a short forward contract to sell 100 000 british pounds for us dollars at an exchange rate of

On december 28 2013 videotech corporation vtc purchased 12 : on december 28 2013 videotech corporation vtc purchased 12 units of a new satellite uplink system from tristar

Discuss the contributions that can be made by the : in 2007 nike settled a class action lawsuit filed on behalf of 400 african american employees of the companys niketown

How many grams of h2o will be formed when 320 g h2 is mixed : how many grams of h2o will be formed when 32.0 g h2 is mixed with 32.0 g o2 and allowed to react to form water?a 36.0

During a period department a finished and transferred 50000 : during a period department a finished and transferred 50000 units to department b. of the 50000 units 20000 were

Wheeler corporation produces and sell special eyeglass : wheeler corporation produces and sell special eyeglass straps for sporting enthusiasts. in 2011 the company budgeted

User Account

All Pages