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Solve e 5-21 Show all work Presented below is information related to Chung Co On April 5, purchased merchandise from Jose Company for $21.000, terms
Solve e 5-21
Presented below is information related to Chung Co On April 5, purchased merchandise from Jose Company for $21.000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $800 on merchandise purchased from Jose. On April 7, purchased equipment on account from Winker Mfg. Co. for $26,000. On April 8, returned merchandise, which cost $4,000, to Jose Company. On April 15, paid the amount due to Jose Company in full. Prepare the journal entries to record these transactions on the books of Chung Co. using a periodic inventory system. Assume that Chung Co. paid the balance due to Jose Company on May 4 instead of April 15. Prepare the journal entry to record this payment Show all work
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