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Whispering Winds Corp. purchased merchandise inventory with an invoice price of $11700 and credit terms of 2/10, n/30. What is the net cost of the goods if Whispering Winds Corp. pays within the discount period?

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jepessoa

Answer:

the net cost = 11,466

Explanation:

To following journal entry is done to record the purchase, credit terms 2/10, n/30:

Dr Merchandise inventory 11,700

    Cr Accounts payable 11,700

If the company pays within the discount period (10 days):

Dr Accounts payable 11,700

    Cr Cash 11,466

    Cr Purchase discounts 234

net cost of goods = $11,700 x 98% = $11,466

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