Question
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system. DATE TRANSACTIONS 2019 April 1 Purchased
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system. DATE TRANSACTIONS 2019 April 1 Purchased merchandise on credit from ORourke Fabricators, Invoice 885, $4,000, terms 1/10, n/30; freight of $120 prepaid by ORourke Fabricators and added to the invoice (total invoice amount, $4,120). 9 Paid amount due to ORourke Fabricators for the purchase of April 1, less the 1 percent discount, Check 457. 15 Purchased merchandise on credit from Kroll Company, Invoice 145, $2,250, terms 1/10, n/30; freight of $175 prepaid by Kroll and added to the invoice. 17 Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $150. 24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started