Journalizing purchase transactions from an invoice Kingston Tires received the f
ID: 2426256 • Letter: J
Question
Journalizing purchase transactions from an invoice
Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.):
FIELDS DISTRIBUTION, INC
7290 S. PROSPECT STREET
RAVENNA, OH 44266
Invoice date September 23,2015
Sold to: Kingston Tires
6678 Diamond Avenue
Ravenna, OH 44266
Payment terms: 1/10, n/30
Description
Quantity shipped
Price
Amount
D39-X4 Radials
4
$38.12
$152.48
M223 Belted-bias
10
48.84
428.40
Q92 Truck tires
6
58.12
348.72
Total
$929.60
Due date
Amount
October 3, 2015
$920.30
October 4 through October 23, 2015
$929.60
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.
Invoice date September 23,2015
Sold to: Kingston Tires
6678 Diamond Avenue
Ravenna, OH 44266
Payment terms: 1/10, n/30
Description
Quantity shipped
Price
Amount
D39-X4 Radials
4
$38.12
$152.48
M223 Belted-bias
10
48.84
428.40
Q92 Truck tires
6
58.12
348.72
Total
$929.60
Due date
Amount
October 3, 2015
$920.30
October 4 through October 23, 2015
$929.60
Explanation / Answer
23/09/2015 Purchase 929.6 To Fields Distribution Inc. 929.6 28/09/2015 Fields Distribution Inc. 152.48 To Purchase Return 152.48 01/10/2015 Fields Distribution Inc. 777.12 To Cash Discount 7.7700 To Cash 769.350
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