Record the following transactions related to purchases for Horstons Art Supplies using the general journal form provided
Fantastic news! We've Found the answer you've been seeking!
Question:
Record the following transactions related to purchases for Horston’s Art Supplies using the general journal form provided below. Assume Horston’s uses a periodic inventory system. Omit transaction descriptions from entries.
Date | Transaction | |
Sept. | 1 | Purchased $8,000 of merchandise on account, FOB destination, n/30. |
3 | Returned $1,000 of merchandise purchased on September 1 due to defects. | |
7 | Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30. Prepaid freight of $75 was added to the invoice. | |
14 | Paid for the merchandise purchased on September 7, less discount. | |
20 | Paid for merchandise purchased on September 1, less return. |
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078025822
17th edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson
Posted Date: