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Lamprino Appliance uses a perpetual inventory system. The following are three recent merchandising transactions: June10 Purchased 10 televisions from...
Lamprino Appliance uses a perpetual inventory system. The following are three recent merchandising transactions:June10Purchased 10 televisions from Mitsu Industries on account. Invoice price, $300 per unit, for a total of $3,000. The terms of purchase were 2/10, n/30.June 15 Sold one of these televisions for $450 cash.June 20 Paid the account payable to Mitsu Industries within the discount period.Instructionsa. Prepare journal entries to record these transactions assuming that Lamprino records purchases of merchandise at:1. Net cost2. Gross invoice price
