A merchandiser, following the perpetual inventory system, has the following transactions during August 2022: 08/05 -...

Transcribed Image Text:

A merchandiser, following the perpetual inventory system, has the following transactions during August 2022: 08/05 - Purchase inventory on an account for $300,000 08/09 - Paid for transportation of goods purchased, $25,000 cash 08/10 - Return defective merchandiser to the vendor, $20,000 08/15 - Paid for goods purchased from August 5th. Credit terms are 2/15, n/45. Prepare the journal entries below. Prepare the journal entry for 08/15 (3 points). A merchandiser, following the perpetual inventory system, has the following transactions during August 2022: 08/05 - Purchase inventory on an account for $300,000 08/09 - Paid for transportation of goods purchased, $25,000 cash 08/10 - Return defective merchandiser to the vendor, $20,000 08/15 - Paid for goods purchased from August 5th. Credit terms are 2/15, n/45. Prepare the journal entries below. Prepare the journal entry for 08/15 (3 points).

Answer rating: 100% (QA)

On 0815 Debit Accounts Payable 300000 to reduc... View the full answer