Question
Chapter 6 Work Q- 4 Instructions On March 1, Warwicks Co., a womens clothing store, purchased $74,600 of merchandise from a supplier on account, terms
Chapter 6 Work Q- 4
Instructions
On March 1, Warwicks Co., a womens clothing store, purchased $74,600 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. On March 5, Warwicks returned $9,500 of the merchandise, receiving a credit memo, and then paid the amount due on March 9, within the discount period.
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warwicks Co. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
Journalize Warwicks entries to record (a) the purchase, (b) the merchandise return, and (c) the payment. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
DATE | DESCRIPTION | DEBIT | CREDIT |
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