Question: Landry Appliances had the following purchase transactions Journalize all necessary

Landry Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.
Sep. 4 Purchased inventory of $6,200 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point.
4 Paid freight charges, $410.
10 Returned $400 of inventory to Max.
17 Paid Max Appliance Wholesale, less return and discount.
20 Purchased inventory of $4,600 on account from MY Appliance, an appliance wholesaler. Terms were 3/10, n/45, FOB destination.
22 Received a $900 allowance from MY Appliance for damaged but usable goods.
29 Paid MY Appliance, less allowance and discount.



Sale on SolutionInn
Sales1
Views222
Comments
  • CreatedJune 12, 2015
  • Files Included
Post your question
5000