Apr. 2 Purchased merchandise from Blue Company under the following terms: $3,400 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. 3 Paid $190 for shipping charges on the April 2 purchase. 4 Returned to Blue Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased merchandise from Fox Corp. under the following terms: $7,250 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21 After negotiations, received from Fox a $2,030 allowance on the April 18 purchase. 28 Sent check to Fox paying for the April 18 purchase, net of the discount and allowance. Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system. (
Assignment Print View http://ezto.mhecloud.mcgraw hill.com/hm.tpx award: 1.00 point 1. Apr. 2 Purchased merchandise from Blue Company under the following terms: $3,400 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. 3 Paid $190 for shipping charges on the April 2 purchase. 4 Returned to Blue Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased merchandise from Fox Corp. under the following terms: $7,250 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21 After negotiations, received from Fox a $2,030 allowance on the April 18 purchase. 28 Sent check to Fox paying for the April 18 purchase, net of the discount and allowance. Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system. (Round your answers to the nearest dollar amount. Omit the “$” sign in your response.) Date General Journal Debit Credit Apr. 2 (Click to select) (Click to select) 3 (Click to select) (Click to select) 4 (Click to select) (Click to select) 17 (Click to select) (Click to select) (Click to select) 18 (Click to select) (Click to select) 21 (Click to select) (Click to select) 28 (Click to select) (Click to select) (Click to select) View Hint #1 Learning Objective: 05 P1 Analyze and record Worksheet Difficulty: Medium transactions for merchandise purchases using a perpetual system. award: 1.00 point 2. Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of $19,800 and credit terms of 3/10, n/60. The merchandise had cost Tuscon $13,504. Taos paid within the discount period….
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Week 4.pdf