Cash Discounts Olavssen Hardware regularly buys merchandise from Dawson Suppliers. Olavssen uses the…

Cash Discounts

Olavssen Hardware regularly buys merchandise from Dawson Suppliers. Olavssen uses the net method to record purchases and discounts. On August 15, Olavssen Hardware purchased material from Dawson Suppliers. The invoice received from Dawson showed an invoiced price of $15,536 and payment terms of 2/10, n/30. Payment was sent to Dawson Suppliers on August 28. Prepare entries to record the purchase and subsequent payment assuming a periodic inventory system. (Round to nearest dollar.)

 

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