Question

Lopez Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.
Sep. 4 Purchased inventory of $ 6,960 on account from Marx Appliance Wholesale, an appliance wholesaler. Terms were 2/15, n/30, FOB shipping point.
4 Paid freight charges, $ 480.
10 Returned $ 960 of inventory to Marx.
17 Paid Marx Appliance Wholesale, less return and discount.
20 Purchased inventory of $ 4,200 on account from MR Appliance an appliance wholesaler. Terms were 3/10, n/45, FOB destination.
22 Received a $ 580 allowance from MR Appliance for damaged but usable goods.
29 Paid MR Appliance, less allowance and discount.



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  • CreatedJanuary 16, 2015
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