Information related to Monty Corp. is presented below. 1. On April 5, purchased merchandise on account...

  

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Information related to Monty Corp. is presented below. 1. On April 5, purchased merchandise on account from Marigold Company for $39,000, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $820 on merchandise purchased from Marigold. 3. On April 7, purchased equipment on account for $26,300. 4. On April 8, returned damaged merchandise to Marigold Company and was granted a $5,700 credit for returned merchandise. 5. On April 15, paid the amount due to Marigold Company in full. Your answer is partially correct. Prepare the journal entries to record these transactions on the books of Monty Corp. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. April 5 : Inventory 39000 Accounts Payable 39000 2. April 6 : Inventory 820 Cash 820 3. April 7 Equipment 26300 Accounts Payable 26300 26300 4. April 8 Accounts Payable 5700 Inventory 5700 5. April 15 Accounts Payable 33300 Cash Inventory eTextbook and Media Information related to Monty Corp. is presented below. 1. On April 5, purchased merchandise on account from Marigold Company for $39,000, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $820 on merchandise purchased from Marigold. 3. On April 7, purchased equipment on account for $26,300. 4. On April 8, returned damaged merchandise to Marigold Company and was granted a $5,700 credit for returned merchandise. 5. On April 15, paid the amount due to Marigold Company in full. Your answer is partially correct. Prepare the journal entries to record these transactions on the books of Monty Corp. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. April 5 : Inventory 39000 Accounts Payable 39000 2. April 6 : Inventory 820 Cash 820 3. April 7 Equipment 26300 Accounts Payable 26300 26300 4. April 8 Accounts Payable 5700 Inventory 5700 5. April 15 Accounts Payable 33300 Cash Inventory eTextbook and Media

Answer rating: 100% (QA)

Correct entry to be made on April 15 is given belowAll other entries are ... View the full answer