Updating multiple journals through semagic
The following journal entry would be made in the books of Metro company to record the purchase of merchandise: (2).
On the same day, Metro company pays 0 for freight and 0 for insurance.
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If a difference is found between the balance in inventory account and a physical count, it is corrected by making a suitable journal entry.
The common reasons of such difference include inaccurate record keeping, normal shrinkage, and shoplifting etc.
On April 9, Metro sends the payment via online banking system and takes the advantage of the discount offered by the supplier.
As the payment is made within 10 days, the Metro company is entitled to receive discount.