Question

On November 15, 2013, Chandler’s Department Store purchased $5,100 of inventory on account from one of its suppliers. The terms were 3/15, n/45, FOB shipping point. On November 18 Chandler’s Department Store paid freight charges of $175 related to the delivery of the goods purchased on November 15. Upon receiving the goods, Chandler’s Department Store checked the order and found $600 of unsuitable merchandise, which was returned to the supplier on November 20. Then, on November 28, Chandler’s Department Store paid the invoice.
Requirement
Journalize all necessary transactions for Chandler’s Department Store, using
(1) The perpetual inventory system,
(2) The periodic inventory system. Omit explanations.


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  • CreatedJuly 08, 2015
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