Floopy uses the periodic inventory method for inventories. Prepare the journal e
ID: 2416021 • Letter: F
Question
Floopy uses the periodic inventory method for inventories. Prepare the journal entries for each of the following transactions. Do not provide any journal explanations. If no entry is necessary, write "no entry." Floopy uses the net method for recording inventory transactions.
>> On January 5, 2015, purchased $17,000 of garden tillers on account from Flip, terms 2/10, n/30, FOB destination. Freight charges were $200. >> On January 10, 2015, returned garden tillers worth $2,000 to Flip due to defects.
>> On January 24, 2015, paid for tillers purchased from Flip.
>> On January 28, 2015, purchased $30,000 of lawn mowers from Flam, terms 3/10, n/30, FOB shipping point. The freight charges were $820.
>> On February 6, 2015, paid for the lawn mowers purchased on January 28, 2015, from Flam.
Explanation / Answer
Date Description Debit $ Credit $ January 5, 2015 garden tillers 15,000 fright Charges payabl 200 To Accounts Payable (17000-2000) 15,000 To CAsh 200 January 24, 2015 Accounts Payable 15000 Cash 15000 January 28, 2015 lawn mowers 30,0000 Freight Charges 820 To Accounts payable 30820 February 6, 2015, Accounts payable 30820 To Cash 30820
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