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Olavssen Hardware regularly buys merchandise from Dawson Suppliers. Olavssen uses the net method to record...

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Accounting

Olavssen Hardware regularly buys merchandise from Dawson Suppliers. Olavssen uses the net method to record purchases and discounts. On august 15th Olavssen Hardware purchased material from Dawson Suppliers. The invoice received from Dawson showed an invoiced price of $15,536 and payment terms of 2/10, n/30. Payment was sent to Dawson Suppliers on august 28th. Prepare enteries to record the purchase and subsequent payment assuming a periodic inventory system.

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