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Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a.  Purchased $28,000 of merchandise from Wright Co. on account, terms 2/10, n/30.   Merchandise Inventory        Accounts Payable-Wright Co.      b.  Paid the amount owed on the invoice within the discount period.   Cash        Sales Discounts      c.  Discovered that $5,600 of the merchandise purchased in (a) was defective and returned items, receiving credit.                 d.  Purchased $4,600 of merchandise from Wright Co. on account, terms n/30.   Merchandise Inventory        Accounts Payable-Wright Co.      e.  Received a refund from Wright Co. for return in (c) less the purchase in (d).   Cash        Accounts Payable-Wright Co.

Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a.  Purchased $28,000 of merchandise from Wright Co. on account, terms 2/10, n/30.   Merchandise Inventory        Accounts Payable-Wright Co.      b.  Paid the amount owed on the invoice within the discount period.   Cash        Sales Discounts      c.  Discovered that $5,600 of the merchandise purchased in (a) was defective and returned items, receiving credit.                 d.  Purchased $4,600 of merchandise from Wright Co. on account, terms n/30.   Merchandise Inventory        Accounts Payable-Wright Co.      e.  Received a refund from Wright Co. for return in (c) less the purchase in (d).   Cash        Accounts Payable-Wright Co.

Corporate Financial Accounting
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 5.7EX: Purchase-related transactions Journalize entries for the following related transactions of Lilly...
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Purchase-Related Transactions

Journalize entries for the following related transactions of Manville Heating & Air Company:

a.  Purchased $28,000 of merchandise from Wright Co. on account, terms 2/10, n/30.

  Merchandise Inventory     
  Accounts Payable-Wright Co.     

b.  Paid the amount owed on the invoice within the discount period.

  Cash     
  Sales Discounts     

c.  Discovered that $5,600 of the merchandise purchased in (a) was defective and returned items, receiving credit.

       
       

d.  Purchased $4,600 of merchandise from Wright Co. on account, terms n/30.

  Merchandise Inventory     
  Accounts Payable-Wright Co.     

e.  Received a refund from Wright Co. for return in (c) less the purchase in (d).

  Cash     
  Accounts Payable-Wright Co.     
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