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Boston Dollar Store uses the gross method to record purchase discounts and uses a perpetual inventory system. Boston engaged in the following transactions during April:
Boston Dollar Store uses the gross method to record purchase discounts and uses a perpetual inventory system. Boston engaged in the following transactions during April: April 12 - Purchased $15,000 in merchandise subject to terms of 2/10, 1/30. The goods were shipped fo.b. Shipping point April 13 - Received a billing from Orange Freight Lines for $300 for the April 12 purchase. April 15 - Returned $1,000 of merchandise from the April 12 purchase. April 20 - Paid balances due from April 12 purchase. Required: Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
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