Question

Meteor Co. purchased merchandise on March 4, 2021, at a price of $37,000, subject to credit...

Meteor Co. purchased merchandise on March 4, 2021, at a price of $37,000, subject to credit terms of 2/10, n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system.

Required:
1. Prepare the journal entry to record the purchase.
2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on March 11, 2021 and April 2, 2021.

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