Problem $8\mathrm{.}4$A $($Algo$)$ Journallzlng purchases and cash payment transactlons. LO $8-1$

Innovative Medical Devices is a medical devices wholesaler that commenced business on June $1,20$X$1.$ The company purchases merchandise for cash and on open account. In June $20$X$1,$ Innovative Medical Devices engaged in the following purchasing and cash payment activities:

DATE

June $1,201$

June $3,201$

June $5,201$

June $9,201$

June $10,201$

June $11,201$

June $14,201$

June $15,201$ discount, Check $103.$

June $15,201$ Purchased merchandise with a list price of $$8,300$ and trade discounts of $20$ and $15$ percent from Pang Research, Invoice $1029$ terms

June $20,201$ Issued Check $104$ to purchase merchandise, $$2,100.$

June $25,201$ Returned merchandise purchased on June $20$ as defective, receiving a cash refund of $$190.$

June $30,201$ Purchased merchandise for $$2,300,$ plus a freight charge of $$76,$ from New Concepts Corporation, Invoice $1080$ ; terms

Requlred:

TRANSACTIONS

Issued Check $101$ to purchase merchandise, $$3,600.$

Purchased merchandise for $$1,250$ from BioMaps Incorporated, Invoice $606$ ; terms $\frac{2}{10},$ n$/30.$

$\frac{2}{10},\frac{n}{30.}$

Paid amount due to BioMaps Incorperated for purchase of June $3,$ less discount, Check $102.$

the goods were purchased $227$ from New Concepts Corporation for damaged merchandise totaling $$150$ that was returned; Purchased merchandised on Invo$$ce $1011,$ dated June $5.$

$\frac{2}{10},\frac{n}{30.}$

Journalize the transactions in a general journal.

Analyze:

What was the amount of trade discounts received on the June $15$ purchase from Pang Research?

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