On december 28 2013 videotech corporation vtc purchased 10, Ask an Expert

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On December 28, 2013, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, 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, 2014.Prepare the journal entries on December 28 and January 6 to record the purchase and payment.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9949522

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