Journalize the following transactions assuming a perpetual inventory system.:
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May 5 |
Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30. |
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Prepaid freight costs of $100 were added to the invoice. |
|
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May 12 |
Issued a debit memo to Archie Co., for $2,500 of merchandise returned from purchase on May 5th. |
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May 14 |
Paid Archie Co. for invoice of May 5, less debit memo of May 12 and discount. |
Journal
|
Date |
Description |
Post Ref |
Debit |
Credit |