Question: Clement Chaussure General Journal Net Purchase Table GENERAL Purchases: DATE ACCOUNT TITLE DEBIT CREDIT Less Purchase Discount Purchase Returns & Allowances June 1 20xx Purchase

Clement Chaussure General Journal Net Purchase Table GENERAL Purchases: DATE ACCOUNT TITLE DEBIT CREDIT Less Purchase Discount Purchase Returns & Allowances June 1 20xx Purchase Add: Transportation (freight in) Cash $4,250 Net Cost of purchases: (hint: purchased inventory for cash) June 1 Transportation $150 Cash $4,400 (hint: recorded payment of freight cost) June 1 Purcahses $15,000 Accounts Payable $15,000 (hint: purchased inventory on credit) June 10 Accounts Payable $7,500 Cash $7,350 Purchase Discounts ($15000 *2%) $150 (hint: payment recorded within the discounted period) June 25 Accounts Payable (10 prs *$150/pr) $1,500 Purchase Returns & Allowances $1,500 (hint: returned defective hiking boots) Accounts Payable $6,000 Cash $6,000 (hint: recorded payment outside of the discount period)

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