Problem 4: Some of the transaction at Canon Company during April are listed below. Canon uses the periodic inventory method. April 10 Purchased merchandise on account, $15,000, terms 2/10, n/30. April 13 Returned part of the purchase of August 10, $1,500, and received credit on account. April 15 Purchased merchandise on account, $20,000, terms 1/10, n/60 April 28 Paid invoice of April 15 in full. Instructions (a) Prepare general journal entries to record the transactions. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken. a)
Problem 4: Some of the transaction at Canon Company during April are listed below. Canon uses the periodic inventory method. April 10 Purchased merchandise on account, $15,000, terms 2/10, n/30. April 13 Returned part of the purchase of August 10, $1,500, and received credit on account. April 15 Purchased merchandise on account, $20,000, terms 1/10, n/60 April 28 Paid invoice of April 15 in full. Instructions (a) Prepare general journal entries to record the transactions. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken. a)
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PB
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