Some of the transactions of Whispering Company during August are listed below. Whispering uses the periodic...
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Some of the transactions of Whispering Company during August are listed below. Whispering uses the periodic inventory method. August 10 Purchased merchandise on account, $14,300, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,000, and received credit on account. 15 Purchased merchandise on account, $18,000, terms 1/10, n/60. 25 Purchased merchandise on account, $21,800, terms 2/10, n/30. 28 Paid invoice of August 15 in full. (a) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken, prepare general journal entries to record the transactions. (b) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses, repare general journal entries to enter the transactions. Some of the transactions of Whispering Company during August are listed below. Whispering uses the periodic inventory method. August 10 Purchased merchandise on account, $14,300, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,000, and received credit on account. 15 Purchased merchandise on account, $18,000, terms 1/10, n/60. 25 Purchased merchandise on account, $21,800, terms 2/10, n/30. 28 Paid invoice of August 15 in full. (a) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken, prepare general journal entries to record the transactions. (b) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses, repare general journal entries to enter the transactions.
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Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Posted Date:
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