Question

Consider the following transactions for Gates Packing Supplies:
Apr. 10 Gates Packing Supplies buys $ 148,600 worth of merchandise inventory on account with credit terms of 2/10, n/30.
12 Gates returns $ 14,800 of the merchandise to the vendor due to damage during shipment.
19 Gates paid the amount due, less the return and discount.

Requirements
1. Journalize the purchase transactions assuming Gates Packing Supplies uses the periodic inventory system. Explanations are not required.
2. What is the amount of net purchases?



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  • CreatedJanuary 16, 2015
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