ALEKS HELP ORKSHEET I ® INBOX REPORT : OPTIONS English Ashan ique Johnson Calcul

Question

ALEKS HELP ORKSHEET I ® INBOX REPORT : OPTIONS English Ashan ique Johnson Calculator Gradebook Calendar Accounting Journalize the following transactions for the buyer, Hall Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system June 8 June 14 Purchased merchandise from Lewis Company on account, S8,000, terms 3/10, n/30 The goods are shipped FOB shipping point, freight prepaid by seller, $130 Returned to Lewis Company merchandise previously purchased on account, $1,300 Paid the amount due to Lewis Company. June 18 Date Account Titte Debet Credst Type here to search

Explanation / Answer

Journal Entries Date Account titles Debit Credit 8-Jun Merchandise inventory 8,000 Accounts payable 8,000 Merchandise inventory 130 accounts payable 130 14-Jun Accounts payable 1,300 Merchandise inventory 1,300 18-Jun Accounts payable (8000-1300)+170 6830 Merchandise inventory (6700*3%) 201 Cash 6629 (the first two transactions can be merged if required)

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