This information relates to Wildhorse Co. Question 2 of 3-/1 E>On April 5, purchased merchandise on account from Pina Company for $ 27,200, terms 4/10, net/30, FOB shipping point.On April 6, paid freight costs of $ 930 on merchandise purchased from Pina Company.On April 7, purchased equipment on account for $ 31,300.On April 8, returned some of April 5 merchandise, which cost $ 3,300, to Pina Company.2.3.4.On April 15, paid the amount due to Pina Company in full.5.(a)Prepare the journal entries to record these transactions on the books of Wildhorse Co. using a periodic inventory system. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented inthe problem.)DateAccount Titles and ExplanationDebitCredit>>>>1.

Discount amount = net Purchase x discount rate = (27200-3300) x4% = $956

1. On April 5, purchased merchandise on account from Pina Company for $ 27,200, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $ 930 on merchandise purchased from Pina Company. On April 7, purchased equipment on account for $ 31,300. On April 8, returned some of April 5 merchandise, which cost $ 3,300, to Pina Company. On April 15, paid the amount due to Pina Company in full. 3. 5. (a) Prepare the journal entries to record these transactions on the books of Wildhorse Co. using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > > > 2. 4.

1. On April 5, purchased merchandise on account from Pina Company for $ 27,200, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $ 930 on merchandise purchased from Pina Company. On April 7, purchased equipment on account for $ 31,300. On April 8, returned some of April 5 merchandise, which cost $ 3,300, to Pina Company. On April 15, paid the amount due to Pina Company in full. 3. 5. (a) Prepare the journal entries to record these transactions on the books of Wildhorse Co. using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > > > 2. 4.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11A: The Net-price Method Of Recording Purchases

Section: Chapter Questions

Problem 1SEA: PURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE METHODS Romeros Heating and Cooling had the following...

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