Consider the following transactions for Gates Packing Supplies: Apr. 10 Gates Packing Supplies buys $ 148,600 worth

Question:

Consider the following transactions for Gates Packing Supplies:

Apr. 10 Gates Packing Supplies buys $ 148,600 worth of merchandise inventory on account with credit terms of 2/10, n/30.

12 Gates returns $ 14,800 of the merchandise to the vendor due to damage during shipment.

19 Gates paid the amount due, less the return and discount.

Requirements

1. Journalize the purchase transactions assuming Gates Packing Supplies uses the periodic inventory system. Explanations are not required.

2. What is the amount of net purchases?

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Jan 16, 2015 09:38 AM

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Consider the following transactions for Gates Packing Supplies: Apr. 10 Gates Packing Supplies buys $ 148,600 worth

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Requirement 1 Date Accounts and Explanation Debit Credit Apr 10 Purch...View the full answer

Horngrens Financial and Managerial Accounting

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