Lien Company engaged in the following transactions: July 2 Purchased merchandise on credit from Jonak Company, terms

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Lien Company engaged in the following transactions:

July 2 Purchased merchandise on credit from Jonak Company, terms 2/10, n/30, FOB destination, invoice dated July, 1, $4,000.

6 Returned some merchandise to Jonak Company for full credit, $500.

11 Paid Jonak Company for purchase of July 2 less return and discount.

14 Purchased merchandise on credit from Jonak Company, terms 2/10, n/30, FOB destination, invoice dated July 12, $4,500.

31 Paid amount owed Jonak Company for purchased of July 14.

Prepare journal entries and, assuming the perpetual inventory system, determine the total amount paid to Jonak Company.

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Related Book For  book-img-for-question

Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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