I need help on journal entries 1-4 M6-6 Preparing Journal Entries for Purchases,

Question

I need help on journal entries 1-4

M6-6 Preparing Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual System (LO 6-3 Trucking, immediately retumed goods to Amenican Wholesaling costing $1.600, and then took advantage of American Wholesaling's 2/10, n/30 purchase discount Prepare journal entries to record the inventory transactions, assuming Anderson's us inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 27,000 27,000 1 Record the inventory purchased of $27,000 on account. 2 Record transportation costs of $690 incurred, but not yet / paid for the inventory shipment. 3 Record part of the inventory returned of $1,60o. 4 Record the payment within the discount period to American Wholesaling for the inventory

Explanation / Answer

Journal Entries: S.No. Accounts title and explanations Debit $ Credit $ 1 Merchandise Inventory Dr. 27000      Accounts payable 27000 2 Merchandise Inventory Dr. 690      Cash 690 3 Accounts payable Dr. 1600      Merchandise Inventory 1600 4 Accounts payable Dr. 25400     Cash Account 24892     Merchandise Inventory 508

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

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