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Slinky Company purchased merchandise on June 10, 2016, at a price of $38,000, subject to credit terms of 3/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.
1. Prepare the journal entry to record the purchase.
2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on June 18, 2016.
3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on July 8, 2016.
What is the legal capital of the corporation? At what average price per share has the preferred stock been issued? How many shares of common stock have been issued?
Describe the relationship between tests of acquisition and payment cycle and tests of inventory. Give specific examples of how these types of tests affect each other.
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