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Ogallah Corporation Purchased $100,000 Inventory on Account with Terms of 1/10

Question 14

Essay

Ogallah Corporation purchased $100,000 inventory on account with terms of 1/10 net 30 on November 1,2010.
Required:
Assume periodic inventory system and gross method
(A.)Make the entries to record the purchase of the inventory and subsequent payment of amount due on Nov 9,2010
Assume perpetual inventory system and net method
(B.)Make the entries to record the purchase of the inventory and subsequent payment of the amount due on Nov 30,2010.

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