Question
Present the Journal entries in the books of Greenland Supplies co. and its suppliers for all of the transactions related to the following purchase invoices.Assume
Present the Journal entries in the books of Greenland Supplies co. and its suppliers for all of the transactions related to the following purchase invoices.Assume that Greenland Supplies Co. and its suppliers use the periodic inventory system.
Supplier:Three Stars Co.P20,000
Date of Invoice: May 13
FreightP200
Credit Terms:2/10, n/30
Freight terms:FOB Shipping Point
Freight paid by:Greenland Supplies Co.
Date Account paid:May 25
GREENLAND SUPPLIES CO. (BUYER) 3 STARS (SELLER)
May 13 Purchases (1)? A/R (3)?
A/P (2)? Sales (4)?
May 25 (5) ? (7)? (9)? (11)?
(6) ? (8)? (10) ? (12)?
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