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San Diego State University Operations And Supply Chain Management Assignment Help - Investment


Question - On December 28, 2013, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from
Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the net method to
account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on
January 6, 2014.

Prepare the necessary journal entries on December 28 and January 6 to record the purchase and payment,
assuming that VTC uses the net method to account for purchase discounts.

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