Question

Prepare the journal entries to record these transactions on Kimbrel Company’s books using a periodic inventory system.
(a) On March 2, Kimbrel Company purchased $800,000 of merchandise from Pineda Company, terms 2/10, n/30.
(b) On March 6, Kimbrel Company returned $95,000 of the merchandise purchased on March 2.
(c) On March 12, Kimbrel Company paid the balance due to Pineda Company.



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  • CreatedApril 07, 2014
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