Question
Prepare journal entries for the following, assuming the company uses a perpetual inventory method and records purchases at their net amounts. June 1Purchased merchandise from
Prepare journal entries for the following, assuming the company uses a perpetual inventory method and records purchases at their net amounts.
June 1Purchased merchandise from the Martin Company for $900.00 with the terms of 2/10, net 30.
June 2Returned $100.00 of the merchandise to the Martin Company.
June 4Purchased merchandise from the Elizabeth Company for $700.00 with the terms of 3/10, net 30.
June 6Paid the amount owed to the Martin Company.
June 8Returned $50.00 of the merchandise purchased from the Elizabeth Company
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Financial Accounting An Introduction
Authors: Pauline Weetman
4th Edition
0273703404, 978-0273703402
