Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Information related to Ayayai Co . is presented below.Information related to Ayayai Co . is presented below. On April 5 , purchased merchandise from Mockingbird

Information related to Ayayai Co. is presented below.Information related to Ayayai Co. is presented below.
On April 5, purchased merchandise from Mockingbird Company for $21,100 terms 210, net/30, FOB shipping
point.
On April 6 paid freight costs of $610 on merchandise purchased from Mockingbird.
On April 7, purchased equipment on account for $30,100.
On April 8, returned damaged merchandise to Mockingbird Company and was granted a $3,600 credit for
returned merchandise.
On April 15 paid the amount due to Mockingbird Company in full.
(a)
Prepare the journal entries to record these transactions on the books of Ayayai Co. under a perpetual inventory
system. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually. List all debit entries before credit entries. Record journal entries in the order
presented in the problem. If no entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
On April 5, purchased merchandise from Mockingbird Company for $21,100 terms 210, net/30, FOB shipping point.
On April 6 paid freight costs of $610 on merchandise purchased from Mockingbird.
On April 7, purchased equipment on account for $30,100.
On April 8, returned damaged merchandise to Mockingbird Company and was granted a $3,600 credit for returned
merchandise.
On April 15 paid the amount due to Mockingbird Company in full.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management And Cost Accounting

Authors: Colin Drury

9th Edition

1408093936, 978-1408093931

More Books

Students also viewed these Accounting questions