his information relates to Metlock Co. On April 5, purchased merchandise from Ivanhoe Company for $26,200, terms 3/10, n/30. On April 6, paid freight costs of $540 on merchandise purchased from Ivanhoe. e. . On April 7, purchased equipment on account for $30,500. . On April 8, returned $3,900 of April 5 merchandise to Ivanhoe Company. 5. On April 15, paid the amount due to Ivanhoe Company in full.
his information relates to Metlock Co. On April 5, purchased merchandise from Ivanhoe Company for $26,200, terms 3/10, n/30. On April 6, paid freight costs of $540 on merchandise purchased from Ivanhoe. e. . On April 7, purchased equipment on account for $30,500. . On April 8, returned $3,900 of April 5 merchandise to Ivanhoe Company. 5. On April 15, paid the amount due to Ivanhoe Company in full.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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just complete the part where it says assume Metlock CO. paid the balance on May 4th
Transcribed Image Text:Your answer is partially correct. Try again.
his information relates to Metlock Co.
1. On April 5, purchased merchandise from Ivanhoe Company for $26,200, terms 3/10, n/30.
2. On April 6, paid freight costs of $540 on merchandise purchased from Ivanhoe.
3.
On April 7, purchased equipment on account for $30,500.
On April 8, returned $3,900 of April 5 merchandise to Ivanhoe Company.
5.
On April 15, paid the amount due to Ivanhoe Company in full.
Transcribed Image Text:Assume that Metlock Co. paid the balance due to Ivanhoe Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
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