PA5. LO 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal.Record the following transactions using a purchases journal, a general journal, and an accounts payablesubsidiary ledger. The company uses the periodic method of accounting for inventory.Oct. 1Oct. 1Purchased inventory on account from Price Inc. for $2,000Purchased inventory on account from Cabrera Inc. for $3,000Returned half of the inventory to Price Inc.Purchased inventory on account from Price Inc. for $4,200Oct. 8Oct. 9019, Rice University. All Rights Reserved.

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PA5. LO 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct. 1 Oct. 1 Oct. 8 Oct. 9 019, Rice University. All Rights Reserved. Purchased inventory on account from Price Inc. for $2,000 Purchased inventory on account from Cabrera Inc. for $3,000 Returned half of the inventory to Price Inc. Purchased inventory on account from Price Inc. for $4,200

PA5. LO 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct. 1 Oct. 1 Oct. 8 Oct. 9 019, Rice University. All Rights Reserved. Purchased inventory on account from Price Inc. for $2,000 Purchased inventory on account from Cabrera Inc. for $3,000 Returned half of the inventory to Price Inc. Purchased inventory on account from Price Inc. for $4,200

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 20MC: AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting...

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PA5. Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct. 1 Purchased inventory on account from Price Inc. for $2,000 Oct. 1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200
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