Question
I need some help doing my accounting homework and I am struggling Question 33 [The following information applies to the questions displayed below.] Piere Imports
I need some help doing my accounting homework and I am struggling
Question 33
[The following information applies to the questions displayed below.]
Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October.
Oct. 2 Purchased merchandise at a $4,200 price ($4,116 net), invoice dated October 2, terms 2/10, n/30.
10 Returned $600 ($588 net) of merchandise purchased on October 2, and debited its accounts payable for that amount.
17 Purchased merchandise at a $7,800 price ($7,644 net), invoice dated October 17, terms 2/10, n/30.
27 Paid for the merchandise purchased on October 17, less the discount.
31 Paid for the merchandise purchased on October 2.
(a) Prepare entries to record the above transactions assuming that Piere Imports records invoices at gross amounts.
( Then I am suppose to write Journal Entry Worksheet down below here)
1.) Purchased merchandise at a $4,200 price ($4,116 net), invoice dated October 2, terms 2/10, n/30.
2.) Returned $600 ($588 net) of merchandise purchased on October 2, and debited its accounts payable for that amount.
3.) Purchased merchandise at a $7,800 price ($7,644 net), invoice dated October 17, terms 2/10, n/30.
4.) Paid for the merchandise purchased on October 17, less the discount.
5.) Paid for the merchandise purchased on October 2. (Payment was mistakenly delayed, which caused the discount to be lost.)
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