Question
Mos Motors had the following purchase transactions in December: Dec. 4 Purchased $6,000 of merchandise on account from Engine Central, terms 4/15, net 30. 7
Mos Motors had the following purchase transactions in December:
| Dec. | 4 | Purchased $6,000 of merchandise on account from Engine Central, terms 4/15, net 30. | |
| 7 | Mo returned $1,500 of merchandise because he changed his mind and wanted to order a different type of engine. | ||
| 16 | Mo paid the balance owing to Engine Central. |
Prepare the journal entries to record the purchase transactions on the books of Mos Motors using a perpetual inventory system.
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 4Dec. 7Dec. 16 | |||
| Dec. 4Dec. 7Dec. 16 | |||
| Dec. 4Dec. 7Dec. 16 | |||
|
|
Prepare the journal entries to record the purchase transactions on the books of Mos Motors using a periodic inventory system.
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 4Dec. 7Dec. 16 | |||
| Dec. 4Dec. 7Dec. 16 | |||
| Dec. 4Dec. 7Dec. 16 | |||
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Regulation Of The London Stock Exchange Share Trading, Fraud And Reform 1914-1945
Authors: Chris Swinson
1st Edition
0367887568, 9780367887568
