Question
What are the journal entries for the following? December 13 Purchased accessory items for inventory on credit from Fastwinn, Incorporated. The cash terms are 2/10,
What are the journal entries for the following?
December 13 Purchased accessory items for inventory on credit from Fastwinn, Incorporated. The cash terms are 2/10, n/30, the purchase invoice number 44777, and the goods are shipped FOB shipping point. Net purchase price for the merchandise is $573.30, added freight charges $43.50, and the final net amount of the invoice totals $616.80.
Merchandise listed in the purchase invoice Stock #. Item. Qty U1000. Micro windshield. 5
Net cost per unit $44.10
Stock #. Item. Qty V0333. snowmobile cover. 6
Net cost per unit $58.80
Freight charges added to the invoice. $43.50
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