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Required information Skip to question [The following information applies to the questions displayed below.] Piere Imports uses the perpetual system in accounting for merchandise inventory
Required information
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[The following information applies to the questions displayed below.] Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October.
Oct. | 2 | Purchased merchandise at a $4,600 price ($4,508 net), invoice dated October 2, terms 2/10, n/30. | ||
10 | Returned $800 ($784 net) of merchandise purchased on October 2, and debited its accounts payable for that amount. | |||
17 | Purchased merchandise at a $8,600 price ($8,428 net), invoice dated October 17, terms 2/10, n/30. | |||
27 | Paid for the merchandise purchased on October 17, less the discount. | |||
31 | Paid for the merchandise purchased on October 2. |
(b) Prepare entries to record the above transactions assuming that Piere Imports records invoices at net amounts.
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