Question
This information relates to Lopez Co. April 5 Purchased merchandise from D. Nolan Company for $20,000, terms 2/10, net 30, FOB shipping point. April 6
This information relates to Lopez Co. April 5 Purchased merchandise from D. Nolan Company for $20,000, terms 2/10, net 30, FOB shipping point. April 6 Paid frieght costs of $900 on merchandise on purchase from D. Nolan Company. April 7 Purchased equipment on account for $26,000 from Walsh Corporation. April 8 Returned some of April 5 merchandise to D. Nolan Company which cost $2,800. April 15 Paid the net amount due to D. Nolan Company. Perpetual System | Debit | Credit | Periodic | Debit | Credit
If Lopez Co. had paid for the purchase of April 5 (less return on April 8) on May 4 instead of April 15, what would the Journal entry have been.
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