Kitchen Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations
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Kitchen Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.
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Sep. 4 4 10 17 20 Purchased inventory of $6,200 on account from Refrigerator Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. Paid freight charges, $410. Returned $400 of inventory to Refrigerator Appliance Wholesale. Paid Refrigerator Appliance Wholesale, less return and discount. Purchased inventory of $4,600 on account from NY Appliance, an appliance wholesaler. Terms were 3/10, n/45, FOB destination. 22 Received a $900 allowance from NY Appliance for damaged but usable goods. 29 Paid NY Appliance, less allowance and discount.
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ANSWER Here are the journal entries Date Account Debit Credit Sep 4 Accounts Payable 6200 Inventor...View the full answer
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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