Question
On October 5, Tamarisk, Inc. buys merchandise on account from Pronghorn Company. The selling price of the goods is $5,370, and the cost to Pronghorn
On October 5, Tamarisk, Inc. buys merchandise on account from Pronghorn Company. The selling price of the goods is $5,370, and the cost to Pronghorn Company is $3,110. On October 8, Tamarisk returns defective goods with a selling price of $650 and a fair value of $95. Record the transactions on the books of Tamarisk, Inc.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date Oct. 5Oct. 8 | enter an account title to record goods purchased on account | enter a debit amount | enter a credit amount |
enter an account title to record goods purchased on account | enter a debit amount | enter a credit amount | |
(To record goods purchased on account) | |||
choose a transaction date Oct. 5Oct. 8 | enter an account title to record return of defective goods | enter a debit amount | enter a credit amount |
enter an account title to record return of defective goods | enter a debit amount | enter a credit amount | |
(To record return of defective goods) |
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