Question

May 10		Purchased goods billed at $16,900 subject to cash discount terms of 2/10, n/60.
11		Purchased goods billed at $12,100 subject to terms of 1/15, n/30.
19		Paid invoice of May 10.
24		Purchased goods billed at $9,900 subject to cash discount terms of 2/10, n/30.

Answer 1

Date	Account Title	Debit ($)	Credit ($)
May 10	Inventory $(16,900*98%)	16,562
	Accounts Payable		16,562
	(Goods Purchased)
May 11	Inventory $(12,100*99%)	11,979
	Accounts Payable		11,979
	(Goods Purchased)
May 19	Accounts Payable	16,562
	Cash			16,562
	(Invoices paid)
May 24	Inventory $(9,900*98%)	9,702
	Accounts Payable		9,702
	(Goods Purchased)