Question: Hegge Company uses the periodic inventory system Journalize the following

Hegge Company uses the periodic inventory system. Journalize the following entries for April, assuming Hegge Company uses the gross price method of recording direct material purchases.
6 Purchased $ 15,100 in direct materials from Kunzman Wholesale; terms 1 15, n 30, FOB shipping point.
9 Paid Carper Transit $ 250 freight charges on the purchase of April 6.
12 Returned $ 1,400 gross price of direct materials from the April 6 purchase to Kunzman Wholesale because the items were the wrong model.
30 Paid Kunzman Wholesale the amount due.

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  • CreatedMarch 25, 2015
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