Question 4: Accounting for Merchandising Transactions

Record the following Purchases transactions using both periodic and perpetual system

August 3- Purchased $18,500 of merchandise from Dennis & Co; terms 2/10, net 30

August 6- Returned $4,200 of decective merchandise from August 3 purchase and received full credit

August 13- Paid for the August 3 purchase

= = text - Times New.. 14 B 1 U A + = = = 1. 2 . 3 .4. 5 . QUESTION# 4-ACCOUNTING FOR MERCHANDISING TRANSACTIONS 7 Record the following Purchases transactions using both the periodic and perpetual system August 3 August 6 Purchased $18,500 of merchandise from Dennis & Co; terms 2/10, net 30 Returned $4,200 of defective merchandise from the August 3 purchase and received full credit. Paid for the August 3 purchase. August 13 Explanation Debit Credit Method Periodic Date Aug 3 Perpetual Aug 3 Periodic Aug 6 Perpetual Aug 6 Periodic Aug 13 Dararatan 12 en 000