Gomez Corp. has the following credit purchase transactions in the month of October. Oct. 4 Purchased merchandise
Question:
Gomez Corp. has the following credit purchase transactions in the month of October.
Oct. 4 Purchased merchandise from Benjamin Inc. under the following terms: \($950\) price; invoice date 10/2, credit terms n/30, freight \($62.\)
7 Purchased merchandise from Rachel Inc. under the following terms: \($1,350\), invoice date 10/5 credit terms 2/10, n/30; freight \($92.\)
9 Purchased merchandise from Bethany Co. under the following terms: \($725\), invoice date 10/8, credit terms n/30, freight \($65.\)
13 Purchased merchandise from Benjamin Inc. under the following terms: \($1,350\), invoice date 10/12, credit terms n/30, freight \($117.\)
14 Purchased merchandise from Matthew Inc. under the following terms: \($657\), invoice date 10/14, credit terms 2/10, n/30; freight \($23.\)
Required
1. Account for these purchases in a purchases journal using Accounts Payable (acct. #207), Purchases (acct. #502) and Transportation-In (acct. #503). The purchases journal page is page 4. Include the invoice date and credit terms.
2. Post these accounts to the general ledger (including the references).
3. Post these accounts to the accounts payable subsidiary ledger.
Step by Step Answer:
College Accounting Ch 1-14
ISBN: 9780073346892
1st Edition
Authors: John Wild, Vernon Richardson, Ken Shaw