Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required: Record the following transactions of Evelyn's Designs in a general journal. The company uses the perpetual inventory system. DATE 20x1 TRANSACTIONS April 1

image text in transcribed

Required: Record the following transactions of Evelyn's Designs in a general journal. The company uses the perpetual inventory system. DATE 20x1 TRANSACTIONS April 1 Purchased merchandise on credit from American Fabricators, Invoice 885, $2,000, teres 1/10, n/30; freight of $100 was paid by American Fabricators and added to the invoice (total invoice amount, $2,100). Paid amount due to American Fabricators for the purchase of April 1, less the 1 percent discount, Check 457. 15 Purchased merchandise on credit from Kalyagin Company, Invoice 145, $600, terms 1/10, n/10; freight of $50 prepaid by Kalyagin and added to the Invoice. 17 Returned damaged merchandise purchased on April 15 from Kalyagin Company; received Credit nemorandum 332 for $200. 24 Paid the amount due to Kalyagin Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. View transaction list Journal entry worksheet < 1 2 3 4 5 Purchased merchandise on credit from American Fabricators, Invoice 885, 52.000, terms 1/10, n/30: freight of $100 was paid by American Fabricators and added to the invoice (total invoice amount, $2,100), > Check my work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

More Books

Students also viewed these Accounting questions

Question

2. What problem-identification research should HP undertake?

Answered: 1 week ago