Kennedy Supply uses a periodic inventory system. During the month of May the following transactions occurred. May
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Question:
Kennedy Supply uses a periodic inventory system. During the month of May the following transactions occurred.
May 13 Purchased 8 motors at $45 each from Charlie Company terms 4/10, n/30. The motors cost Charlie Company $26 each.
May 16 Returned 1 defective motor to Charlie.
May 23 Paid Charlie Company in full. Round to nearest dollar
Instructions
Journalize the May transactions for Kennedy Supply. You may omit explanations.
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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