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Prepare journal entries on december to record payment

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Question - On December 28, 2021, Videotech Corporation (VTC) purchased 17 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 gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2022. Prepare the journal entries on December 28 and January 6 to record the purchase and payment.

Reference no: EM133131365

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