Question

Milwaukee Company engaged in the following transactions:
July 2 Purchased merchandise on credit from Lucas Company, terms n/20, FOB destination, invoice dated July 1, $2,000.
6 Returned some merchandise to Lucas Company for full credit, $250.
11 Paid Lucas Company for purchase of July 2 less return and discount.
14 Purchased merchandise on credit from Lucas Company, terms n/20, FOB destination, invoice dated July 12, $2,250.
31 Paid amount owed Lucas Company for purchase of July 14.
Prepare journal entries for these transactions, assuming Milwaukee Company uses the perpetual inventory system, and determine the total amount paid to Lucas Company.



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  • CreatedSeptember 10, 2014
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