Prepare the journal entries to record the following purchase transactions in Xiaoyan Company's books. Xiaoyan uses a
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Jan. 2 Xiaoyan purchased $20,000 of merchandise from Feng Company, terms n/30, FOB shipping point.
4 The correct company paid freight costs of $215.
6 Xiaoyan returned $1,500 of the merchandise purchased on January 2 because it was not needed.
Feb. 1 Xiaoyan paid the balance owing to Feng.
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Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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