Question
This information relates to Woodward Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. On April 5, purchased
This information relates to Woodward Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. On April 5, purchased merchandise from Cozart Company for $25,300, terms 2/10, n/30. 2. On April 6, paid freight costs of $1,300 on merchandise purchased from Cozart Company. 3. On April 7, purchased equipment on account for $36,370. 4. On April 8, returned some of the April 5 merchandise to Cozart Company, which cost $5,300. 5. On April 15, paid the amount due to Cozart Company in full. Prepare the journal entries to record these transactions on the books of Woodward Co. using a periodic inventory system. (Record journal entries in the order presented in the problem.) Assume that Woodward Co. paid the balance due to Cozart Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
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