Raison Co. had the following transactions during October. 1. On October 8, purchased merchandise on account from Baker Company for $17,000, terms 2/10, n/30. 2. On October 9, paid freight costs of $500 on merchandise purchased from Baker Company. 3. On October 11, returned $2,600 of October 8 merchandise to Baker Company. 4. On October 18, paid the amount due
Chapter 6, Exercises #2
Raison Co. had the following transactions during October.
1. On October 8, purchased merchandise on account from Baker Company for $17,000, terms 2/10, n/30.
2. On October 9, paid freight costs of $500 on merchandise purchased from Baker Company.
3. On October 11, returned $2,600 of October 8 merchandise to Baker Company.
4. On October 18, paid the amount due to Baker Company in full.
Instructions
Use a tabular summary to record the transactions listed above on Raison Co.’s books. Raison Co. uses a perpetual inventory system. Record purchase transactions.
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