Slinky Company purchased merchandise on June 10, 2016, at a price of $21,000, su

Question

Slinky Company purchased merchandise on June 10, 2016, at a price of $21,000, subject to credit terms of 3/10, n/30. Sinky uses the net method for recording purchases and uses a pasrpohual inventory system Required 1. Prepare the journal entry to record the purchase (If no entry is required for a transactionlevent select "No journal entry required" in the first account fiold. View transaction list Journal entry worksheet Record the purchase of merchandise Note: Enter debits before credits General Journal Debit Credit Date June 10, 2016 ow general journal Record enetry Clear entry

Explanation / Answer

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3.

purchases (21000 * 0.97) 20370 accounts payable 20370 (to record purchase of merchandise)

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