Record the payment on account

Reference no: EM131520938

Question: On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each, with terms 2/10, n/30. Staley pays for the inventory on June 12.

Required: 1. Record transactions for the purchase of inventory and payment on account.

2. Now assume payment is made on June 22. Record the payment on account.

Reference no: EM131520938

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