Question

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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