InBeat CD Shop had the following transactions in March. Instructions Use the T accounts in your working
Question:
InBeat CD Shop had the following transactions in March.
Instructions
Use the T accounts in your working papers. For each transaction:
1. Determine which accounts are affected.
2. Enter the debit and credit amounts in the T accounts.
Transcribed Image Text:
Date Transactions Mar. 2 Purchased merchandise on account from Night Vision and 6 Company, $2,000, Invoice NV-20, terms 2/10, n/30. Issued Check 250 for $85 to Penn Trucking Company for delivering merchandise from Night Vision and Company. Purchased $300 in supplies on account from Temple Store Supply, Invoice 6011, terms n/30. 7 12 Issued Check 251 for $1,960 to Night Vision and Company in payment of Invoice NV-20 for $2,000 less a cash discount of $40. 15 Paid Keystone Insurance Company $2,500 for the annual premium on business insurance, Check 252. 16 Purchased $3,000 in merchandise on account from Night Vision and Company, Invoice NV-45, terms 2/10, n/30. 18 Issued Debit Memorandum 25 for $100 to Night Vision and Company for the return of merchandise. 20 Purchased $900 in merchandise from Dandelion Records, Check 253. 22 Issued Check 254 to Temple Store Supplies for $300 for Invoice 6011.
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