The following transactions took place at Cerritos Auto Parts and Custom Shop during the first week of
Question:
The following transactions took place at Cerritos Auto Parts and Custom Shop during the first week of July. Indicate how these transactions would be entered in a purchases journal like the one shown in this chapter.
DATE.............. TRANSACTIONS
July 1 Purchased batteries for $2,060 plus a freight charge of $132 from Auto Parts Corporation; received Invoice 6812, dated June 27, which has terms of n/30.
3 Purchased mufflers for $3,250 plus a freight charge of $89 from Aplex Company; received Invoice 441, dated June 30, which has terms of 1/10, n/60.
5 Purchased car radios for $2,470 plus freight of $127 from The Custom Sounds Shop, Inc.; received Invoice 5601, dated July 1, which has terms of 2/10, n/30.
10 Purchased truck tires for $4,270 from Specialty Tire Company; received Invoice 1102, dated July 8, which has terms of 2/10, n/30.
Step by Step Answer:
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina