Purchase Discounts For each of the following transactions of Buckeye Corporation, prepare the… 1 answer below »

Purchase Discounts

For each of the following transactions of Buckeye Corporation, prepare the appropriate journal entry. (All purchases on credit are made with terms of 1/10, net 30; and Buckeye uses the periodic system of inventory.)

July 3: Purchased merchandise on credit from Wildcat Corp. for $3,500.

July 6: Purchased merchandise on credit from Cyclone Company for $7,000.

July 12: Paid amount owed to Wildcat Corp.

August 5: Paid amount owed to Cyclone Company.