Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following transactions occurred between Kinzer Furnishings and VIP Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read
The following transactions occurred between Kinzer Furnishings and VIP Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize these transactions on the books of Kinzer Furnishings, assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 4: Kinzer Furnishings purchased $6,700 of merchandise from VIP Furniture Warehouse on account. Terms, 3/15, n/30, FOB shipping point. The goods cost VIP Furniture Warehouse $3,200. Journal Entry X i More Info Date Accounts Debit Credit Jul 4 Jul 4 Kinzer Furnishings purchased $6,700 of merchandise from VIP Furniture Warehouse on account. Terms, 3/15, n/30, FOB shipping point. The goods cost VIP Furniture Warehouse $3,200. 7 Kinzer Furnishings paid a $50 freight bill for delivery of the goods purchased on July 4. 10 Kinzer Furnishings returned $1,100 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $400. 18 Kinzer Furnishings paid $1,900 of the July 4 invoice less the discount. 31 Kinzer Furnishings paid the remaining amount owed on the July 4 invoice. Jul 7: Kinzer Furnishings paid a $50 freight bill for delivery of the goods purchased on July 4. Journal Entry Date Accounts Debit Credit Jul 7 Print Done Jul 10: Kinzer Furnishings returned $1,100 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $400. Journal Entry Date Accounts Debit Credit . Jul 10 Date Accounts Debit Credit Jul 10 i X More Info Jul 18: Kinzer Furnishings paid $1,900 of the July 4 invoice less the discount. Journal Entry Date Accounts Debit Credit Jul 4 Kinzer Furnishings purchased $6,700 of merchandise from VIP Furniture Warehouse on account. Terms, 3/15, n/30, FOB shipping point. The goods cost VIP Furniture Warehouse $3,200. 7 Kinzer Furnishings paid a $50 freight bill for delivery of the goods purchased on July 4. 10 Kinzer Furnishings returned $1,100 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $400. 18 Kinzer Furnishings paid $1,900 of the July 4 invoice less the discount. 31 Kinzer Furnishings paid the remaining amount owed on the July 4 invoice. Jul 18 Print Done Jul 31: Kinzer Furnishings paid the remaining amount owed on the July 4 invoice. Journal Entry Date Accounts Debit Credit Jul 31 Choose from any list or enter any number in the input fields and then continue to the next
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started