This information relates to Olaf Decor. 1. On April 5, purchased merchandise on account from DeVito Group

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This information relates to Olaf Decor.

1. On April 5, purchased merchandise on account from DeVito Group for €18,000, terms 2/10, net/30, FOB shipping point.

2. On April 6, paid freight costs of €820 on merchandise purchased from DeVito.

3. On April 7, purchased equipment on account for €30,000.

4. On April 8, returned some of April 5 merchandise, which cost €2,800, to DeVito.

5. On April 15, paid the amount due to DeVito in full.

Instructions 2. Prepare the journal entries to record these transactions on the books of Olaf using a periodic inventory system.

b. Assume that Olaf paid the balance due to DeVito on May 4 instead of April 15. Prepare the journal entry to record this payment.

Posted Date: Nov 10, 2021 06:29 PM

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This information relates to Olaf Decor. 1. On April 5, purchased merchandise on account from DeVito Group

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a Journal Entries in the Books of Olaf Decor April 5 Purchases Ac Dr 18000 To ... View the full answer

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