Prepare the necessary journal entries on december 28 and

Reference no: EM13571954

On December 28, 2013, Videotech Corporation 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, 2014.

Prepare the necessary journal entries on December 28 and January 6 to record the purchase and payment, assuming that VTC uses the net method to account for purchase discounts.

Reference no: EM13571954

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