Flint Corp. uses a perpetual inventory system. The company had the following inventory transactions in April....

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Flint Corp. uses a perpetual inventory system. The company had the following inventory transactions in April. Apr. 3 (a) Purchased merchandise from Flounder Ltd. for $27,810, terms 2/10, n/30, FOB shipping point. 6 The appropriate company paid freight costs of $680 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,050 from Lomax Industries. 8 Returned merchandise to Flounder and received a credit of $3,510. The merchandise was returned to inventory for future resal 30 Paid the amount due to Flounder in full. Your answer is partially correct. Prepare separate entries for each transaction on the books of Flint Corp. (List all debit entries before credit entries. Credit account titles are au amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation April 3 Inventory Accounts Payable April 6 Inventory Cash April 7 Supplies Accounts Payable April 8 Accounts Payable Inventory April 30 Accounts Payable Cash Debit 27810 680 5050 3510 Credit 27810 680 5050 3510 Flint Corp. uses a perpetual inventory system. The company had the following inventory transactions in April. Apr. 3 (a) Purchased merchandise from Flounder Ltd. for $27,810, terms 2/10, n/30, FOB shipping point. 6 The appropriate company paid freight costs of $680 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,050 from Lomax Industries. 8 Returned merchandise to Flounder and received a credit of $3,510. The merchandise was returned to inventory for future resal 30 Paid the amount due to Flounder in full. Your answer is partially correct. Prepare separate entries for each transaction on the books of Flint Corp. (List all debit entries before credit entries. Credit account titles are au amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation April 3 Inventory Accounts Payable April 6 Inventory Cash April 7 Supplies Accounts Payable April 8 Accounts Payable Inventory April 30 Accounts Payable Cash Debit 27810 680 5050 3510 Credit 27810 680 5050 3510

Answer rating: 100% (QA)

The journal entries are given below Date Account Titles Explana... View the full answer