Question
Kennedy Supply uses a periodic inventory system. During the month of May the following transactions occurred. May 13 Purchased 8 motors at $45 each from
Kennedy Supply uses a periodic inventory system. During the month of May the following transactions occurred.
May 13 Purchased 8 motors at $45 each from Charlie Company terms 4/10, n/30. The motors cost Charlie Company $26 each.
May 16 Returned 1 defective motor to Charlie.
May 23 Paid Charlie Company in full. Round to nearest dollar
Instructions
Journalize the May transactions for Kennedy Supply. You may omit explanations.
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
