Question
Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Ro Feb. 2: Burlington purchased $23,800
Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Ro Feb. 2: Burlington purchased $23,800 worth of inventory on account with credit terms of 2/15, n/30, FOB shipping point from Green Medical Supplies. Accounts Date Feb. 2 Debit Credit Feb. 4: Burlington paid a $50 freight charge. Date Feb. 4 Accounts Debit Credit Feb. 9: Burlington returned $5,200 of the merchandise due to damage during shipment. Date Feb. 9 Accounts Feb. 14: Burlington paid the amount due, less return and discount. Date Feb. 14 Accounts Debit Credit Debit Credit
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