Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each re

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Consider the following perpetual system merchandising
transactions of Belton Company. Use a separate account for each
receivable and payable; for example, record the purchase July 1 in
Accounts Payable—Jones Company. Do the analysis component.
Prepare General Journal entries to record the above
transactions.
Analysis Component:

As the senior purchaser for Belton Company, you are concerned that
the purchase discounts you have negotiated are not being taken
advantage of by the accounts payable department.

Calculate the cost of the lost discount regarding the July 9
purchase. Assume a 7% interest rate. (Do not round
intermediate calculations. Round your final answer to 2 decimal
places. Assume 365 days a year.)