e.com/platform/mod/quiz/attempt.php?attempt-16865018page-7 enu Journalize Period

Question

e.com/platform/mod/quiz/attempt.php?attempt-16865018page-7 enu Journalize Periodic Inventory Prepare the journal entries to record the following transactions for the Walbright Company using a periodic inventory system a. On June 2, Walbright purchased $280.000 of merchandise from the Ferway Co 3/15, n/30. of merchandise from the Ferway Company with terms b. On june 5, walbright returned $40,000 of the merchandise purchased on june 2. C. On June 13, Walbright paid the balance due to Ferway. General Journal Ref Description Debit Credit b. C. Cash

Explanation / Answer

Books of Wallbright Company

Journal Entries

June 2 Purchases A/c dr $280,000

To Ferway company a/c $280,000

June 5 Ferway Company A/c Dr 40,000

To purchase return 40,000

June 13 Ferway a/c Dr 240,000

To Bank a/c 232,800

To Discounts a/c 7,200

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