Exercise $6-46($Algorithmic$)$

Recording Purchases

Dawson Enterprises uses the perpetual system to record inventory transactions. In a recent month, Dawson engaged in the following transactions:

a$.$ On April $1,$ Dawson purchased merchandise on credit for $$21,900$ with terms $\frac{2}{10},\frac{n}{30},$

b$.$ On April $2,$ Dawson purchased merchandise on credit for $$24,000$ with terms $3/15,$ n$/25.$

c$.$ On April $9,$ Dawson paid for the purchase made on April $1.$

d$.$ On April $25,$ Dawson paid for the merchandise purchased on April $2.$

Required:

Prepare journal entries for these four transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

Apr. $1$

$$

$($Purchased inventory on credit$)$

Apr. $2$

$$

$$

$($Purchased inventory on credit$)$

Apr. $9$

$$

$($Paid within the discount period$)$

$$

$$

$$