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ID: 2608512 • Letter: W
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Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken:
Prepare general journal entries to record the transactions
August 10 Purchased merchandise on account, $31,400, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,500, and received credit on account. 15 Purchased merchandise on account, $36,200, terms 1/10, n/60. 25 Purchased merchandise on account, $42,600, terms 2/10, n/30. 28 Paid invoice of August 15 in full.
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(a1)
Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken:
Prepare general journal entries to record the transactions
Explanation / Answer
Journal Entries Date Account Title and explanation Debit Credit Aug, 10 Inventory $ 31,400 To Account Payable $ 31,400 (To Record the purchase of merchnadise) Aug, 13 Account Payable $ 1,500 To Inventory $ 1,500 (To Record the return of merchandise) Aug,15 Inventory $ 36,200 To Account Payable $ 36,200 (To Record the purchase of merchnadise) Aug,25 Inventory $ 42,600 To Account Payable $ 42,600 (To Record the purchase of merchnadise) Aug,28 Account Payable $ 36,200 To Cash $ 36,200 (To Record the payment of Aug, 15 purchase) Note: No dscount is allowed because , for discount the time limite is 10 days
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