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Comfort was given a $20\%$ trade discount. The terms of the sale were $\frac{3}{10},\frac{n}{30}.$ Comfort uses a perpetual inventory

system.

Required:

Prepare the journal entries to record the $($a$)$ purchase by Comfort on November $17$ and $($b$)$ payment on November $26,2024$

Comfort uses the gross method of accounting for purchase discounts.

Prepare the journal entry for the payment, assuming instead that it was made on December $15,2024.$

Complete this question by entering your answers in the tabs below.

Required $1$ Required $2$

Prepare the journal entries to record the $($a$)$ purchase by Comfort on November $17$ and $($b$)$ payment on November $26,2024.$ Comfort

uses the gross method of accounting for purchase discounts.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$|$

Journal entry worksheet

Record the purchase of inventory.

Note: Enter debits before credits.

Required information

$[$The following information applies to the questions displayed below.$]$

Comfort Company purchased $150$ units of inventory on November $17,2024.$ The units have a list price of $$460$ each, but

Comfort was given a $20\%$ trade discount. The terms of the sale were $\frac{3}{10},\frac{n}{30}.$ Comfort uses a perpetual inventory

system.

Required:

Prepare the journal entries to record the $($a$)$ purchase by Comfort on November $17$ and $($b$)$ payment on November $26,2024$

Comfort uses the gross method of accounting for purchase discounts.

Prepare the journal entry for the payment, assuming instead that it was made on December $15,2024.$

Complete this question by entering your answers in the tabs below.

Required $1$ Required $2$

Prepare the journal entry for the payment, assuming instead that it was made on December $15,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Alternatively, record payment on December $15$ using the gross method of

accounting for purchase discounts.

Note: Enter debits before credits.

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