As the proprietor of Discount Tire Co., you received the following invoice from a supplier:

Requirements 

1. Discount received the invoice on May 15. Record the May 15 purchase on account. Carry amounts to the nearest cent through- out.

2. The P135-X4 Radial was ordered by mistake and was, therefore, returned to Wholesale Distributors. Journalize the return on May 19.

3. Record the May 22 payment of the net amount owed.

Transcribed Image Text:

WHOLESALE DISTRIBUTORS, INC. 2600 Commonwealth Avenue Boston, Massachusetts 02215 Invoice date: May 14, 2007 Sold to: Discount Tire Co. 4219 Crestwood Parkway Lexington, Mass. 02173 Payment terms: 3/10 n/30 Quantity Description Shipped Price Amount P135-X4 Radials... 1 $37.24 $ 37.24 L912 Belted-bias... 8 41.32 330.56 R39 Truck tires.... 10 60.02 600.20 Total.............. $968.00 Due date: Amount: May 24, 2007 $938.96 May 25 through June 13, 2007 $968.00