Objective 2 E5-17 Journalizing pu rchase transactions Hartford Jewelers had the
ID: 2418056 • Letter: O
Question
Objective 2 E5-17 Journalizing pu rchase transactions Hartford Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. ferch. Inv. $90 Purchased inventory of $5,400 on account from Surry Diamonds, a jewelry importer. Terms were 3/15, n/45, FOB shipping point Jun. 20 20 Paid freight charges, $300. Jul. 4 Returned $900 of inventory to Surry 14 Paid Surry Diamonds, less return. 16 Purchased inventory of $3,800 on account from Swift Diamonds, a jewelry importer. Terms were 3/10, VEOM, FOB destination. 18 Received a $800 allowance from Swift for damaged but usable goods 24 Paid Swift Diamonds, less allowance and discount.Explanation / Answer
answer e5-17
20 june Debit credit
inventory a/c dr. 5400
To Surry diamond a/c 5400
freight a/c dr. 300
To cash a/c 300
4 july
surry diamond a/c dr. 900
To Inventory a/c 900
14 july
Surry dismond a/c dr. 4500
To cash a/c 4500
16 july
inventoyr a/c dr. 3800
to swift diamond a.c 3800
18 july
swift diamond a/c dr 800
to inventory a/c 800
24 july
swift diamond a/c dr. 3000
to cash 2700
to discount 300
answer e5-19
20 june
account receivable a/c dr. 10000
to sale a/c 10000
8 july
sale a/c dr. 300
to account receivable a/c 300
13 july
cash a/c dr. 9603
discount a.c dr. 97
To account receivable 9700
20 july'
account receivbale a/c dr. 5200
to sale a/c 5200
freight a/c dr. 120
to cash a/ c 120
25 july
allowance a/c dr. 500
to account receivable 500
29 july
cash a/ c dr. 4653
discount a/c dr. 47
to accounts receivbale 4700
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