On December 28, 2024, Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 210/210 , n30/n30 . 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, 2025. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 2/10, n/30. Record the purchase on December 28, 2024. Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 2/10, n/30. Record the payment on January 6, 2025.

On December 28, 2024, Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 210/210 , n30/n30 . 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, 2025. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 2/10, n/30. Record the purchase on December 28, 2024. Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 2/10, n/30. Record the payment on January 6, 2025.

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Description: On December 28, 2024, Videotech Corporation (VTC) purchased 16 units of a new satellite uplink system from Tristar Communications for $24,000 each. The terms of each sale were 210/210 , n30/n30 . VTC uses the gross method to account for purchase disc

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 20MC: Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of...

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