Final answer:
In the scenario where the W Hotel misses out on a discount for china, using the net method, the journal entry would involve two accounts: Inventory (or Purchases) and Accounts Payable.
Step-by-step explanation:
The W Hotel's purchase of china that was not paid within the discount period, using the net method of recording purchases, would typically involve two accounts in a journal entry. The accounts involved are the Inventory (or Purchases) account and the Accounts Payable account. Since the discount was not taken, the entire purchase amount is recorded in the Accounts Payable account, and the same amount is debited to the Inventory or Purchases account.
Under the net method, if a payment is later made within the discount period, the entry is reversed, and the discount received is recorded. However, since in this case no discount was taken, no additional account, like a 'Purchase Discounts Lost' account, is needed. The net method assumes discounts are always taken and therefore only involves two accounts in the initial recording of the transaction.