6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare
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6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare general journal entries to record the following transactions for Johnnycake:
Aug. 10 | Johnnycake purchased merchandise on credit from Foster Foods for $9,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Foster. |
12 | Johnnycake returned $600 of merchandise from the August 10 purchase. |
19 | Johnnycake paid Foster for the August 10 purchase. |
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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