Exercise $5-2$ Recording journal entries for merchandise purchase transactions$-$perpetual LO$3$

Journalize each of the following transactions assuming a perpetual inventory system. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Feb. $1$ Purchased $$17,400$ of merchandise inventory; terms $\frac{2}{10},\frac{n}{30}$

$5$ Purchased for cash $$8,600$ of merchandise inventory.

$6$ Purchased $$22,400$ of merchandise inventory; terms $\frac{3}{15},\frac{n}{45}.$

$9$ Purchased $$2,100$ of office supplies; terms $\frac{n}{15}.$

$10$ Contacted a major supplier to place an order for $$240,000$ of merchandise in exchange for a $25\%$ trade discount to be shipped on April $1$ FOB destination.

$11$ Paid for the merchandise purchased on February $1.$

$24$ Paid for the office supplies purchased on February $9.$

Mar. $23$ Paid for the February $6$ purchase.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

Record purchase of merchandise for $$17,400$; terms $\frac{1}{10},\frac{n}{30}.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Feb$.01,,,]]$

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