Question

On June 15, 2013, Bailey’s Department Store purchased $4,300 of inventory on account from one of its suppliers. The terms were 3/15, n/45, FOB shipping point. On June 18 Bailey’s Department Store paid freight charges of $350 related to the delivery of the goods purchased on June 15. Upon receiving the goods, Bailey's Department Store checked the order and found $900 of unsuitable merchandise, which was returned to the supplier on June 20. Then, on June 28, Bailey’s Department Store paid the invoice.
Requirement
Journalize all necessary transactions for Bailey's Department Store, using (1) the perpetual inventory system, and (2) the periodic inventory system.
Omit explanations.


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  • CreatedJuly 08, 2015
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