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Information related to Blue Co. is presented below. On April 5, purchased merchandise from Mockingbird Company for $22,100 terms 2/10, net/30, FOB shipping point. 1.
Information related to Blue Co. is presented below. On April 5, purchased merchandise from Mockingbird Company for $22,100 terms 2/10, net/30, FOB shipping point. 1. 2. On April 6 paid freight costs of $710 on merchandise purchased from Mockingbird. 3. On April 7, purchased equipment on account for $31,100. 4. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,800 credit for returned merchandise.. 5. On April 15 paid the amount due to Mockingbird Company in full. Your answer is partially correct. Prepare the journal entries to record these transactions on the books of Blue 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.) April 5 Account Titles and Explanation Merchandise inventory Accounts Payable Debit Credit 22,100 22.100 April 6 Merchandise inventory 710 Cash April 7 Equipment 31,100 Accounts Payable April 8 Accounts Payable 4,800 Merchandise inventory April 15 Accounts Payable 17,300 Merchandise inventory Cash 710 31.100 4,800 346 16,954
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