1. On April 5, purchased merchandise on account from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15, paid the amount due to Wilkes Company in full. Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system. (Cred.
1. On April 5, purchased merchandise on account from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15, paid the amount due to Wilkes Company in full. Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system. (Cred.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.3EX
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