Answers
Journal
Mar. 2 | Inventory | 882,900 | |
Accounts payable - Metlock company | 882,900 | ||
Mar. 6 | Accounts payable - Metlock company | 107,600 | |
Inventory | 107,600 | ||
Mar. 12 | Accounts payable - Metlock company | 775,300 | |
Cash | 752,041 | ||
Inventory | 23,259 |
Final amount due = Cost of goods purchased - Cost of goods returned
= 882,900 - 107,600
= $775,300
Discount amount = Final amount due x Discount percentage
= 775,300 x 3/100
= $23,259
Cash payment to be made = Final amount due - Discount amount
= 775,300 - 23,259
= $752,041
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