Question
Bramble Corporation, a private company following ASPE, uses a periodic inventory system. On July 1, Bramble purchased $52,000 of inventory, terms 2/10, n/30, f.o.b. shipping
Bramble Corporation, a private company following ASPE, uses a periodic inventory system. On July 1, Bramble purchased $52,000 of inventory, terms 2/10, n/30, f.o.b. shipping point. Bramble paid freight costs of $1,600. On July 3, Bramble returned damaged goods and received a credit of $5,200. On July 10, Bramble paid for the goods. Prepare all necessary journal entries for Bramble. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
July 1July 3July 10 | |||
(To record purchase on account) | |||
July 1July 3July 10 | |||
(To record freight on purchase) | |||
July 1July 3July 10 | |||
July 1July 3July 10 | |||
|
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