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Prepare the necessary journal entries on the books of Splish Brothers Company to record the following transactions, assuming a perpetual inventory system: (a) Splish purchased
Prepare the necessary journal entries on the books of Splish Brothers Company to record the following transactions, assuming a perpetual inventory system: (a) Splish purchased $52,920 of merchandise on account, terms 2/10,n/30. (b) Returned $4,320 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually Prepare the necessary journal entries to record the following transactions, assuming Charles Company uses a perpetual inventory system. (a) Purchased $32,900 of merchandise on account, terms 2/10,n/30. (b) Returned $700 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Prepare the necessary journal entries to record the following transactions, assuming Charles Company uses a perpetual inventory system. (a) Purchased $32,900 of merchandise on account, terms 2/10,n/30. (b) Returned $700 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Information related to Bonita Co. is presented below. 1. On April 5, purchased merchandise from Windsor Company for $20,000 terms 2/10, net/30, FOB shipping point. 2. On April 6 paid freight costs of $530 on merchandise purchased from Windsor. 3. On April 7, purchased equipment on account for $27,000. 4. On April 8, returned damaged merchandise to Windsor Company and was granted a $2,000 credit for returned merchandise. 5. On April 15 paid the amount due to Windsor Company in full. (a) Prepare the journal entries to record these transactions on the books of Bonita Co. under a perpetual inventory system. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles and Explanation April 5 April 5 April 6 April 7 April 8 April 15 Debit Inventory Accounts Payable Inventory Cash Equipment Accounts Payable Accounts Payable Inventory Accounts Payable Inventory Cash Credit
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