Help Save& Exit S medical devices wholesaler that commenced business on June 1,

Question

Help Save& Exit S medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices merchandise for cash and on open account In June 2019, NewTech Medical Devices engaged in the following purchasin and cash payment activities DATE TRANSACTIONS 2019 June 1 Issued Check 101 to purchase merchandise, $4,500. 3 Purchased merchandise tor $1,700 from Biocenter Inc., Invoice 606 s Purchased erchandise tor ss,8s0, ploas a freight charge of $10, trom 9 Paid anount due to Biocenter Ine. tor purehase of June a,ess 10 Received Credit MHenor andum 227 rom New Concepts Corporation for terms 2/10, n/30 New Concepts Corporation, Invoice 1011, terms 2/10, n/30. discount, Check 102. damaged merchandise totaling $150 that was roturned: the purchased on Invoice 1011, dated June 5. il Purchased merchandise tor $1,680 from Biocenter eInvoice 612 14 Paid s Purchased merchandise with a list price of $9.200 and trade discounts 20 Issued check 104 to purchase nerchandise. $3,000. terma 2/10, n/30 ,less the return of June 10 and less the cash discount, Check 103 ot 20 percent and 15 percent trom Pack Research, Invoice 1029,term mount due to New Concepta Corporation for Invoice 1011 of June n/30 25 Returned nerchandise purchased on June 20 as defoctive/recesving 30 Purchased merchandise for s3,200, plus a treight charge ot Gss cash zefund of $280 S.Eron New Concepts Corporation, Invoice 1080; terna 2/10, n/30 Required:

Explanation / Answer

JOURNAL ENTRIES: DATE ACCOUNTS TITLE AND EXPLANATIONS DEBIT $ CREDIT $ 1-Jun Merchandise Inventory dr. 4500      Cash Account 4500 3-Jun Merchandise Inventory Dr. 1700     Accounts payable-Biocenter 1700 5-Jun Merchandise inventory Dr. 5960     Accounts payable-New concepts 5850     Cash Account 110 9-Jun Accounts payable-Biocenter Dr. 1700      Cash Account 1666      Merchandise Inventry (1700*2%) 34 10-Jun Accounts payable-New concepts Dr. 150     Merchandise Inventory 150 11-Jun Merchandise Inventory Dr. 1680     Accounts payable-Biocenter 1680 14-Jun Accounts payable-New concepts Dr. 5700      Merchandise inventory (5700*2%) 114      Cash Account 5586 15-Jun Merchandise Inventory Dr. (9200-20%-15%) 7821     Accounts payable -Park research 7821 20-Jun Merchandise Inventory Dr. 3000       Cash Account 3000 25-Jun Cash Account Dr. 280     Merchandise inventory 280 30-Jun Merchandise inventory Dr. 3285     Accounts payable-New concepts 3200     Cash Account 85

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