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During the months of January and February. Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods
During the months of January and February. Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: January 6 Purchased goods for $1,800 from Green with terms 2/1e,n/30. January 6 Purchased goods from Munoz for $1,500 with terms 2/10,n/30. January 14 Paid Green in futl. February 2 Paid Munoz in full. February 28 Purchased goods for $650 from Reynolds with terns n/45. Required: Prepare journal entries to record the transactions, assuming Axe records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid.) Journal entry worksheet 5 Record the inventory purchased of $1,800 on account from Green with terms 2/10,n/30. Journal entry worksheet 23 Record the inventory purchased of $1,800 on account from Green with terms 2/10,n/30. Note: Enter debits before credits. Journal entry worksheet Record the inventory purchased of $1,500 on account from Munoz with terms 2/10,n/30 Note: Enter debits before credits. Journal entry worksheet Record the payment in full for the inventory to Green. Note: Enter debits before credits. Journal entry worksheet
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