4. Jones Inc. purchases $440,000 in inventory on June 1st from Hose Inc. with terms...
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4. Jones Inc. purchases $440,000 in inventory on June 1st from Hose Inc. with terms 2/10, net 30. Jones pays $39,200 (in cash) on June 10th and the remaining balance on June 30th a. Assume that Jones uses the periodic inventory method and records transactions under the gross method. Please record the journal entries for June. June 1 Purchases 440,000 Accts. Payable 440,000 June 10. Accts Payable. 40,000 Cash. 39,200 Disc. Received. 800 June 30. Accts Payable 400,000 Cash. 400,000 b. Assume that Jones uses the perpetual inventory method and records transactions under the net method NOT DONE
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