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on december 1 istanbul company purchased inventory on account with a cost of 5000 dollars. the...

on december 1 istanbul company purchased inventory on account with a cost of 5000 dollars. the credit terms were 2/10, net 60. on december 2, istanbul returned 50 percent of the inventory. istanbul uses the periodic inventory system. on december 8, istanbul paid for the inventory. what journal entry did istanbul company prepare on december 8 ?
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Answer #1
INSTANBULL COMPANY
JOURNAL ENTRY
DATE PARTICULAR DEBIT CREDIT
01.12.2019 PURCHASE ACCOUNT 5000
TO SUNDRY CREDITOR 5000
(BEING AMOUNT OF PURCHASE OF INVENTORY)
02.12.2019 SUNDRY CREDITOR      2500
TO PURCHASE 2500
(BEING AMOUNT OF 50 % INVENTORY RETURNED)
08.12.2019 SUNDRY CREDITOR 2500
TO CASH 2450
TO DISCOUNT RECEIVED 50
(BEING CASH PAID TO SUPPLIER AFTER DEDUCTING THE AGREED DISCOUNT OF 2% AS PAYMENT MADE WITH IN THE SPECIFIED DATE)
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