Question

The Schubert Company is a Swiss wholesaler of office supplies. Its unit of currency is the Swiss franc (CHF). Schubert uses a periodic inventory system. Prepare journal entries for the following summarized transactions (omit explanations):
Aug. 2 Purchased merchandise on account, CHF350,000, terms 2/10, n/45.
Aug. 3 Paid cash for freight in, CHF15,000.
Aug. 7 Schubert complained about some defects in the merchandise acquired on August 2.
The supplier hand-delivered a credit memo granting an allowance of CHF32,000.
Aug. 11 Cash disbursement to settle purchase of August 2.



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  • CreatedFebruary 20, 2015
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