Question

The following purchase-related transactions for Lavery, Inc. occurred during the month of September.
Sep 3 Purchased $5,100 of merchandise, paid cash.
9 Purchased $800 of supplies on account from Chandler Unlimited, terms n/30, FOB destination.
16 Purchased $4,300 of merchandise on account from Garden Supplies, Inc., terms 3/15, n/30, FOB shipping point.
22 Received a credit memo in the amount of $1,100 from Garden Supplies, Inc. for damaged goods from the Sep 16 purchase that were returned.
30 Paid for the supplies purchased on Sep 9.
30 Paid Garden Supplies, Inc. in full for the Sep 16 purchase.
Requirement
Journalize all necessary transactions for Lavery, Inc. using
(1) The perpetual inventory system,
(2) The periodic inventory system. Omit explanations.


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  • CreatedJuly 08, 2015
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