Using perpetual inventory procedures journalize the following transactions on the books of Murray Company for August. Assume Murray Company uses the net price method of recording direct material purchases.
8 Murray Company purchased $ 26,800 in direct materials from Bartunek Company; terms 2 10, n 30.
12 One group of items in the August 8 purchase was not up to the purchase specifications. Murray Company requested and was granted an $ 1,600 allowance on the gross price of those items.
16 Murray Company paid Bartunek Company for the purchase and took advantage of the cash discount.

  • CreatedMarch 25, 2015
  • Files Included
Post your question