Question
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
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 $16,400 of merchandise inventory; terms 2/10, n/30. 5 Purchased for cash $7,600 of merchandise inventory. 6 Purchased $21,400 of merchandise inventory; terms 3/15, n/45. 9 Purchased $1,600 of office supplies; terms n/15. 10 Contacted a major supplier to place an order for $140,000 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.
X 1 Record purchase of merchandise for $16,400; terms 1/10, n/30. N Record purchase of merchandise for $7,600 for cash. 3 Record purchase of merchandise for $21,400; terms 2/15, n/45. 4 Record purchase of office supplies $1,600; terms n/15. Cred 5 Record the entry for placing of an order for $140,000 of merchandise in exchange of 25% trade discount to be shipped on April 1 FOB destination. Record payment made for merchandise purchased on February 1. Note : = journal entry has been entered :: 2/13, 1/43 4 Record purchase of office supplies $1,600; terms n/15. 5 Record the entry for placing of an order for $140,000 of merchandise in exchange of 25% trade discount to be shipped on April 1 FOB destination. 6 Record payment made for merchandise purchased on February 1. Record payment made for office supplies purchased on February 9. 00 Record payment made for merchandise purchased on February 6. Note : = journal entry has been enteredStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started