Question

Linear Company engaged in the following transactions:
July 2 Purchased merchandise on credit from Green Company, terms 2/10, n/30,
FOB destination, invoice dated July 1, $2,000.
6 Returned some merchandise to Green for full credit, $250.
11 Paid Green for purchase of July 2 less return and discount.
14 Purchased merchandise on credit from Green, terms 2/10, n/30, FOB destination, invoice dated July 12, $2,250.
31 Paid amount owed Green for purchase of July 14.
Prepare journal entries and, assuming the perpetual inventory system, determine the total amount paid to Green.



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  • CreatedMarch 26, 2014
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