Question
Please, note I have done pretty much everything. Just needing review. Purchase-Related Transactions Journalize entries for the following related transactions of Blue Moon Company: Purchased
Please, note I have done pretty much everything. Just needing review.
Purchase-Related Transactions
Journalize entries for the following related transactions of Blue Moon Company:
Purchased $34,000 of merchandise from Sierra Co. on account, terms 2/10, n/30.
Paid the amount owed on the invoice within the discount period.
Discovered that $6,800 before purchases discount of the merchandise was defective and returned items, receiving credit.
Purchased $5,100 of merchandise from Sierra Co. on account, terms n/30.
Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Merchandise Inventory Accounts Payable Sierra Co b. Accounts payable-Sierra Co. Cash Merchandise Inventory c. Accounts Payable Sierra Co. Merchandise Inventory d. Merchandise Inventory Accounts Payable Sierra Co Cash Accounts payable-Sierra Co 34,000 34,000 6,800 5,100 1700 34,000 33320 680 6,800 5,100 1700
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