Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 30, 2017 Sooke Jewelers purchased inventory of 555.000 on account from Giant Gers Lod. a jewelery importer Terms were 215. net 45 On

image text in transcribed
image text in transcribed
image text in transcribed
On June 30, 2017 Sooke Jewelers purchased inventory of 555.000 on account from Giant Gers Lod. a jewelery importer Terms were 215. net 45 On receiving the goods Sooke checked the order and found 55.900 of unsuitable merchandise. Therefore, Sooke retured the merchandise to Giant on July 4 2017 On July 14 2017 Sooke Jewellers paid she net amount owed from June 30 Required Record the required transactions in the journal of Socke Jewellers Use the periodicimentory system Explanations are not required Lets start by recording the June 30 purchase of inventory (Record debits first, then credits. Exclude explanations from Journal entries.) Journal Entry Date Accounts Debit Credit June 30 Now record the return of unsuitable merchandise on July 4. Journal Entry Date Accounts July Debit Credit 4 Finally, record the payment on July 14. Journal Entry Date Accounts July 14 Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles And Techniques

Authors: Prof. A.R. Solanki

1st Edition

9350533979, 9789350533970

More Books

Students also viewed these Accounting questions

Question

Draft a proposal for a risk assessment exercise.

Answered: 1 week ago