The following transactions took place at Auto Parts Pros during the first week of July. DATE...
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The following transactions took place at Auto Parts Pros during the first week of July. DATE TRANSACTIONS July 1 Purchased batteries for $1,990 plus a freight charge of $125 from Longlife Batteries Corporation; received Invoice 6812, dated June 27, which has terms of n/30. July 3 July 5 Purchased car sound systems for $2,400 plus freight of $120 from Performance Sounds Shop, Incorporated; received Invoice 5601, dated July 1, which has terms of 2/10, n/30. July 7 Purchased truck tires for $4,200 from Big Tires; received invoice 1102, dated July 6, which has terms of 2/10, n/30. The seller paid the freight charges. Indicate how these transactions would be entered in a purchases journal. Purchased mufflers for $3,180 plus a freight charge of $82 from Xtreme Mufflers; received Invoice 441, dated June 30, which has terms of 1/10, n/60. Date Purchased From Purchases Journal Invoice Date Invoice Number + Terms Accounts Payable Credit Purchases Debit Freight In Debit The following transactions took place at Auto Parts Pros during the first week of July. DATE TRANSACTIONS July 1 Purchased batteries for $1,990 plus a freight charge of $125 from Longlife Batteries Corporation; received Invoice 6812, dated June 27, which has terms of n/30. July 3 July 5 Purchased car sound systems for $2,400 plus freight of $120 from Performance Sounds Shop, Incorporated; received Invoice 5601, dated July 1, which has terms of 2/10, n/30. July 7 Purchased truck tires for $4,200 from Big Tires; received invoice 1102, dated July 6, which has terms of 2/10, n/30. The seller paid the freight charges. Indicate how these transactions would be entered in a purchases journal. Purchased mufflers for $3,180 plus a freight charge of $82 from Xtreme Mufflers; received Invoice 441, dated June 30, which has terms of 1/10, n/60. Date Purchased From Purchases Journal Invoice Date Invoice Number + Terms Accounts Payable Credit Purchases Debit Freight In Debit
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In a purchases journal the transactions would be entered as follows DATE ACCOU... View the full answer
Related Book For
Managerial Decision Modeling with Spreadsheets
ISBN: 978-0136115830
3rd edition
Authors: Nagraj Balakrishnan, Barry Render, Jr. Ralph M. Stair
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