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Audio Express Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 200 CDs at an invoice price of $6,000 and term of 2/10, n/30. Half of these discs were incorrectly labeled and were returned immediately to the supplier, If the discount period has expired, the journal entry to record payment of this invoice includes a

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Answer:

Dr Accounts payable 2,940

Dr Purchase discounts lost 60

    Cr Cash 3,000

Explanation:

The original invoice was recorded as:

Dr Merchandise inventory 5,880

    Cr Accounts payable 5,880

When half the merchandise was returned:

Dr Accounts payable 2,940

    Cr Merchandise inventory 2,940

When the invoice was paid after the discount period had expired:

Dr Accounts payable 2,940

Dr Purchase discounts lost 60

    Cr Cash 3,000

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