Required Information

L$006-03$ Analyze purchase transactions under a perpetual inventory system.

$[$The following information opplies to the questions displayed below$]$

In this module, you will learn how to analyze and record inventory purchases, transportation, returns and allowances, and discounts. The Inventory account should include costs incurred to get inventory into a condition and location ready for sole. The cost of inventory includes its purchase price and transportation minus cost reductions for purchase returns and allowonces and purchose discounts. Costs to deliver inventory to customers are o selling expense ond are not included in inventory.

Inventory Purchases, Returns, and Allowances

Furchave Retums and ollowances

H $4$

Knowledge Check $01$

On April $10.$ Tyler Industries purchssed $$22,000$ of merchandise on credit. The invoice included poyment terms of $210,$ n$/30.$

Prepare the oppropijate journal entry.

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

$1$

Wate: Enter dehts before creats: