Maggiore Medical Devices is a medical devices wholesaler that commenced business on June 1, 2013. Maggiore Medical
Question:
DATE TRANSACTIONS
2013 June 1 Issued Check 101 to purchase merchandise, $3,500.
3 Purchased merchandise for $1,200 from BioCenter Inc., Invoice 606; terms 1/10, n/30.
5 Purchased merchandise for $4,850, plus a freight charge of $100 from New Concepts Corporation, Invoice 1011, terms 2/10, n/30.
9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102.
10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1011, dated June 5.
11 Purchased merchandise for $1,580 from BioCenter Inc., Invoice 612; terms 1/10, n/30.
14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103.
15 Purchased merchandise with a list price of $8,200 and trade discounts of 15 percent and 10 percent from Park Research, Invoice 1029, terms n/30.
20 Issued Check 104 to purchase merchandise, $2,000.
25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $180.
30 Purchased merchandise for $2,200, plus a freight charge of $75 from New Concepts Corporation, Invoice 1080; terms 2/10, n/30.
INSTRUCTIONS
Journalize the transactions on the previous page in a general journal. Use 1 as the journal page number.
Analyze:
What was the amount of trade discounts received on the June 15 purchase from Park Research?
Corporation
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
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