The following June transactions relate to KitchenApps Inc. June 6: Purchase of inventory with a list...

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The following June transactions relate to KitchenApps Inc. June 6: Purchase of inventory with a list price of $42,000, a trade discount of 20% (which buyers get with certainty), and with terms 2/10, n/30. June 8: Returned $3,000 of inventory (damaged in shipment) to the supplier (the $3,000 is the value after the trade discount). June 13: Paid $14,700 ($15,000 of inventory less a purchase discount of 2%, or $900) on account. June 30: Paid the remaining account balance. Required Prepare journal entries prior to a physical inventory for these transactions assuming the company uses the periodic inventory system and the gross method for recording purchase discounts. Date June 6 June 8 June 13 June 30 Account To record purchase of inventory. To record inventory return To record payment w in discount period To record payment after discount period Dr. Cr. The following June transactions relate to KitchenApps Inc. June 6: Purchase of inventory with a list price of $42,000, a trade discount of 20% (which buyers get with certainty), and with terms 2/10, n/30. June 8: Returned $3,000 of inventory (damaged in shipment) to the supplier (the $3,000 is the value after the trade discount). June 13: Paid $14,700 ($15,000 of inventory less a purchase discount of 2%, or $900) on account. June 30: Paid the remaining account balance. Required Prepare journal entries prior to a physical inventory for these transactions assuming the company uses the periodic inventory system and the gross method for recording purchase discounts. Date June 6 June 8 June 13 June 30 Account To record purchase of inventory. To record inventory return To record payment w in discount period To record payment after discount period Dr. Cr.

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Here are the journal entries for the June transactions of KitchenApps Inc June 6 Inventory ... View the full answer