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Slinky Company purchased merchandise on June 10, 2021, at a price of $31,000, subject to...

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Accounting

Slinky Company purchased merchandise on June 10, 2021, at a price of $31,000, subject to credit terms of 2/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.

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