(Appendices) PURCHASES, PURCHASE RETURNS, AND PAYMENT FOR PURCHASES. Jordan Footwear sells athletic shoes. During April Jordan made the following purchases on credit with terms 3/15, n/40: LO4 Assume that Jordan uses the periodic system and records purchases using the gross method.

REQUIRED:

1. Prepare a summary journal entry for the purchase of all the shoes.

2. When the shoes arrived, Jordan discovered that five pairs of basketball shoes were defective. The defective shoes were returned. Assume that Jordan had not yet paid for the purchase. Prepare a journal entry to account for this return.

3. Jordan paid for the remaining shoes within the discount period. Prepare the necessary journal entry.

4, Assume that Jordan’s sales staff discovered seven pairs of defective running shoes when fitting shoes for customers. These shoes were returned to the manufacturer after payment had been made. Jordan was given credit toward its next purchase by the manufacturer. Prepare a journal entry to record this return.