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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 $23,000 each. The terms of each sale were 2/10, 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.

 

figure the journal entries on December 28 and January 6 to record the purchase and payment.


Record the inventory purchase on account.

Record the payment to Tristar Communications.

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