ournal Entries for Purchase, Return, and RemittancePerpetual System

On April 13, the Kesselman Company purchased $25,000 of merchandise from the Krausman Company, with terms of 1/10, n/30. On April 15, Kesselman paid $500 to Ace Trucking Company for freight on the shipment. On April 18, Kesselman Company returned $800 of merchandise for credit. Final payment was made to Krausman on April 22. Kesselman Company records purchases using the perpetual inventory system.

Required Prepare the journal entries that Kesselman Company should make on April 13, 15, 18, and 22.

General Journal
Date		Description	Debit	Credit
April	13	Answer: Accounts PayableCashInventory	Answer	Answer
		Answer: Accounts PayableCashInventory	Answer	Answer
		Purchase of merchandise from Krausman Company terms 1/10, n/30.
	15	Answer: Accounts PayableCashInventory	Answer	Answer
		Answer: Accounts PayableCashInventory	Answer	Answer
		Paid freight on April 13 purchase.
	18	Answer: Accounts PayableCashInventory	Answer	Answer
		Answer: Accounts PayableCashInventory	Answer	Answer
		Returned merchandise to Krausman Company.
	22	Answer: Accounts PayableCashInventory	Answer	Answer
		Answer: Accounts PayableCashInventory	Answer	Answer
		Cash	Answer	Answer
		Paid amount due to Krausman Company.