Question Help 7. Smart Computers has the following transactions in January relat

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Question Help 7. Smart Computers has the following transactions in January related to purchase of merchendise inventory (Click the icon to view the transactions ) Jounalize the purchase transactions for Smart Computers assurming the company uses the perpotual inventory system (Record deb explanation on the last line of the journal entry table ) then credts Select t Jan 1. Purchase of $21,000 worth of computers on account, term of 2/10, n/35 Date Accounts Debit Credit Jan 1 More Info January 1 Purchase of $21,000 worth of computers on account, term of 2110 n/45 3 Refurn of $2,000 of the computers to the vendor o Payment made on account Print Done 2

Explanation / Answer

Journal

Date Account Name Debit Credit Jan 1 Merchandise inventory $21000 Accounts payable $21000 (To record purchase of inventory on account) Jan 3 Accounts payable 2000 Merchandise inventory 2000 (To record return of inventory) Jan 9 Accounts payable 19000 Merchandise inventory 380 Cash 18620 (To record payment on account)

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