Question

The following transactions occurred between Kinzer Furniture and M & L Furniture Warehouse during May of the current year:
May 4 Kinzer Furniture purchased $5,800 of merchandise from M & L Furniture Warehouse on account, terms 2/15, n/30, FOB shipping point.
The goods cost M & L Furniture Warehouse $3,300.
7 Kinzer Furniture paid a $125 freight bill for delivery of the goods purchased on May 4.
10 Kinzer Furniture returned $1,400 of the merchandise purchased on May 4.
The goods cost M & L Furniture Warehouse $800.
18 Kinzer Furniture paid $2,000 of the May 4 invoice less the discount.
31 Kinzer Furniture paid the remaining amount owed on the May 4 invoice.
Requirements
1. Journalize all necessary transactions for Kinzer Furniture, using
(a) The perpetual inventory system
(b) The periodic inventory system
2. Journalize these transactions on the books of M & L Furniture Warehouse, using
(a) The perpetual inventory system
(b) The periodic inventory system Omit explanations.


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  • CreatedJuly 08, 2015
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