Snudy Abroad&S; People Styles Inve... ALEKS ngish Griffin Douglas Gradebook 7 Ca

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Snudy Abroad&S; People Styles Inve... ALEKS ngish Griffin Douglas Gradebook 7 Calender Question #8 Journalize the following transactions for Gonzales Company using the gross met of accounting for purchase discounts. Assume a perpetual inventory system. April 5 Purchased goods from Edwards Company on account, $6,500, terms 2/10, n/30 Apri 11 Returmed merchandise to Edwards Company that was previously purchased on account, $1,3010. April 16 Paid the amount due to Edwards Company Debit Choose one ox Clear Undo Help I don't know

Explanation / Answer

Journal entries :

Date accounts & explanation debit credit Apr 5 Merchandise inventory a/c 6500 Account payable-Edwards company a/c 6500 (To record purchase goods) Apr 11 Account payable-Edwards company a/c 1300 Merchandise inventory a/c 1300 (To record return of goods) Apr 16 Account payable-Edwards company a/c 5200 Cash a/c 5200 (To record amount paid)

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