RCES This information relates to Sunland Co.. 1. 2. 3. 4. 5. On April 5, purchas

Question

RCES This information relates to Sunland Co.. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blossom Company for $28,200, terms 4/10, n/30. On April 6, paid freight costs of $710 on merchandise purchased from Blossom Company. On April 7, purchased equipment on account for $32,100. On April 8, returned $4,800 of April 5 merchandise to Blossom Company On April 15, paid the amount due to Blossom Company in full. Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not in tudy journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit 6.3 001.pdf 2017-10....1.21 PM 2017-09 1.58 PM 2017-11 8 PM 18 MacBook Air

Explanation / Answer

Solution:(a): Following is the required journal entries:

Discount = (28,200-4,800)*4% = $936

Solution:(b): Following is the required journal entry:

No. Date Particulars Amount ($) Debit Amount ($) Credit (1) April,5 Inventory 28,200 Accounts payable 28,200 (2) April,6 Inventory 710 Cash 710 (3) April,7 Equipment 32,100 Accounts payable 32,100 (4) April,8 Accounts Payable 4,800 Inventory 4,800 (5) April,15 Accounts Payable 23,400 Inventory 936 Cash 22,464

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