Question
On June 10, Metlock Company purchased $6,300 of merchandise from Ivanhoe Company, on account, terms 3/10, n/30. Metlock pays the freight costs of $390 on
On June 10, Metlock Company purchased $6,300 of merchandise from Ivanhoe Company, on account, terms 3/10, n/30. Metlock pays the freight costs of $390 on June 11. Goods totaling $300 are returned to Ivanhoe for credit on June 12. On June 19, Metlock Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Metlock Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date June 10June 11June 12June 19 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date June 10June 11June 12June 19 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date June 10June 11June 12June 19 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date June 10June 11June 12June 19 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount |
Step 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