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Some of the transactions of Kingbird Company during August are listed below. Kingbird uses the periodic inventory method. Purchased merchandise on account, $10,500, terms 2/10,
Some of the transactions of Kingbird Company during August are listed below. Kingbird uses the periodic inventory method. Purchased merchandise on account, $10,500, terms 2/10, n/30. August 10 Returned part of the purchase of August 10, $1,000, and received credit on account. 13 Purchased merchandise on account, $14,300, terms 1/10, n/60. 15 Purchased merchandise on account, $18,000, terms 2/10, n/30. 25 28 Paid invoice of August 15 in full. (a1) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: Prepare general journal entries to record the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Date Debit
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