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Prepare the necessary journal entries

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Question - On December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $27,000 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, 2022.

Required - Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts.

Reference no: EM132976069

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