Journalizing purchase transactions from an invoice Kingston Tires received the f

Question

Journalizing purchase transactions from an invoice

Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.):

Requirements

Journalize the transaction required by Kingston Tires on September 23, 2015. Do the round numbers to the nearest whole dollar. Assume tires are purchased on account.

Journalize the return on Kingston’s books on September 28, 2015, of the D39-X4 Radials, which were ordered by mistake.do not round numbers to the nearest whole dollar.

Journalize the payment on October 1,2015, to Fields Distribution, Inc. Do not round numbers to the nearest whole dollar.

Explanation / Answer

Date Account Titles Debit Credit $ $ September 23 2015 Inventory ??? Accounts payable ??? To record purchase of inventory on account September 28 2015 Accounts payable ??? Inventory ??? To record return of inventory to supplier October 1 2015 Accounts payable ??? Cash ??? To record payment to supplier on account

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.