Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system.

The journal entries that take place on July 24 for purchase of goods worth $2000 where $200 has been paid will have effects into the bills payable account, inventory account and cash account.

There will be a debit in the bills payable account amounting to $1800 and inventory will be credited with $36 and the cash account will get credited with $1764.

Hence, the journal entries will have effects into the bills payable account, inventory account and cash account.

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Explanation:

The journal entry is as follows

Account payable A/c Dr $1,800

             To Merchandise Inventory A/c $36

             To Cash A/c $1,764

(Being the amount due is paid)

The computation is shown below:

For Account payable

= $2,000 - $200

= $1,800

For Merchandise inventory

= ($2,000 - $200) × 2%

= $36

And, the remaining balance is credited to the cash account

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