On June 3, Zhang Co

Essay

On June 3, Zhang Co. received and recorded a $3,500 invoice for merchandise on which the terms were 2/10, n/60. The company uses the net method to records invoices. On June 17, the company discovered that the invoice had been incorrectly filed and the discount lost. Prepare the June 3 general journal entry to record the purchase, the June 17 entry to record the discount lost, and the August 2 entry to record payment of the invoice.