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On may 1, anders company purchased merchandise in the amount of $5,800 from shilling, with credit terms of 2/10, n/30. anders uses the perpetual inventory system and the gross method. the journal entry
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On may 1, anders company purchased merchandise in the amount of $5,800 from shilling, with credit terms of 2/10, n/30. anders uses the perpetual inventory system and the gross method. the journal entry or entries that anders will make on may 1 is:

User Afternoon
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DR Inventory $5,800 CR Cash $5,800. In this context it is assumed that Anders company used credit instead of full immediate payment. Once the company pays off their credti within 10 days, a 10% discount entry will be entered.
User Felixlaumon
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