(Solution) - On May 23 the company purchased 450 000 in inventory on -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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On May 23, the company purchased $450,000 in inventory on account. The purchase terms are 2/10, n/30. Make the journal entries to record the purchase of and subsequent payment for these goods assuming:
(1) The company uses the net method and paid for the goods on June 1,
(2) The company uses the net method and paid for the goods on June 15,
(3) The company uses the gross method and paid for the goods on June 1, and
(4) The company uses the gross method and paid for the goods on June 15. Assume a perpetual inventory system.