Lopez Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations
Question:
Lopez Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.
Sep. 4 Purchased inventory of $ 6,960 on account from Marx Appliance Wholesale, an appliance wholesaler. Terms were 2/15, n/30, FOB shipping point.
4 Paid freight charges, $ 480.
10 Returned $ 960 of inventory to Marx.
17 Paid Marx Appliance Wholesale, less return and discount.
20 Purchased inventory of $ 4,200 on account from MR Appliance an appliance wholesaler. Terms were 3/10, n/45, FOB destination.
22 Received a $ 580 allowance from MR Appliance for damaged but usable goods.
29 Paid MR Appliance, less allowance and discount.
Step by Step Answer:
Date Accounts and Explanation Debit Credit Sept 4 Purchases 6960 Accounts Payable 6960 Sept 4 F...View the full answer
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
