Essay
Lacross Corporation purchased $50,000 inventory on account with terms of 1/10 net 30 on September 1,2010.
Required:
Assume periodic inventory system and net method
(A.)Make the entries to record the purchase of the inventory and subsequent payment of amount due on Sept 30,2010
Assume perpetual inventory system and gross method
(B.)Make the entries to record the purchase of the inventory and subsequent payment of the amount due on Sept 9,2010.
Correct Answer:

Verified
Correct Answer:
Verified
Q51: Which of the following payroll items is
Q52: Which of the following is not a
Q53: JAFCO,Inc.reported insurance expense of $137,000,prepaid insurance of
Q54: A company,using the net method,purchased inventory for
Q55: Orleans Enterprises purchased $37,500 of merchandise on
Q57: Which of the following entries is made
Q58: Omni Manufacturing reported cost of goods sold
Q59: Which of the following entries reflects the
Q60: The following information was taken from the
Q61: Acme Paint company had a beginning balance