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Lynbrook, Inc. purchased inventory with an invoice price of $40,000 from Scan House, LLC. on...

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Accounting

Lynbrook, Inc. purchased inventory with an invoice price of $40,000 from Scan House, LLC. on October 18, 2021 with payment terms of 3/10, n/45. Lynbrook attempts to take advantage of all discounts, so its policy is to record purchases of inventory using the Net Method. The company also uses perpetual inventory. On October 25, 2021, Lynbrook paid $30,000 of the original $40,000 invoice, leaving a balance of $10,000. On November 20, 2021, Lynbrook paid the balance of the invoice. Required: Prepare the journal entries that Lynbrook would make on the following dates: October 18, 2021 October 25, 2021 November 20, 2021

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