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I need someone who is incredible in accounting would be able to give the explanation for Jan.17 and Jan. 23 Accounts Payable and Purchases Discounts
I need someone who is incredible in accounting would be able to give the explanation for Jan.17 and Jan. 23
Accounts Payable and Purchases Discounts
Sales Returns and Allowances, Sale Discounts, and Accounts Receivable
Jan.2 Jan.5 Jan.6 Jan.13 Jan.15 Jan.17 Jan.23 Purchases Accounts Payable Freight In Cash Accounts Payable Purchases Returns and Allowances Accounts Receivable Sales Delivery Expense Cash Accounts Payable Purchases Discounts Cash Sales Returns and Allowances Sale Discounts Accounts Receivable 16,300 16,300 300 300 2,500 2,500 9,000 9,000 100 13,800 - 100 - - Jan.2. Purchased $18200 of merchandise on account, FOB shipping point, terms 2/15,n/30. 5. Paid freight of $190 on the January 2 purchase. 6. Returned $2,750 of the merchandise purchased on January 2. 13. Sold merchandise on account, $ 37,300, FOB destination 1/10, n/30. The cost of merchandise sold was $22,400. 15. Paid freight of $ 215. for the merchandise sold on January 13. 17. Paid for the purchase of January 2 less the return and discount. 23. Received payment on account for the sale of January 13 less the discountStep by Step Solution
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