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Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. 1. Purchase of merchandise with cash. Post the transactions in the given order. Merchandise is purchased for cash, $1,100. Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash.             Cash               ________ | _______            ________ | _______             Purchases ______ | ______ ______ | ______   2. uploded picture 3. up loaded picture

Question

Purchase Transactions and T Accounts
Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter.

1. Purchase of merchandise with cash. Post the transactions in the given order.
Merchandise is purchased for cash, $1,100.
Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash.

 

          Cash   

           ________ | _______

           ________ | _______

 

          Purchases

______ | ______

______ | ______

 

2. uploded picture

3. up loaded picture

 

4. Purchase of merchandise with freight-in.

A. Merchandise is purchased on account, $2,300 plus freight charges of $100. Terms of the sale were FOB shipping point.

B. Payment is made for the cost of the merchandise and the freight charge.

Cash

Accounts Payable

Purchases

Freight- In

 

 

3. Purchase of merchandise on account with return of merchandise.
a. Merchandise is purchased on account, credit terms 2/10, n/30, $3,800.
b. Merchandise is returned for credit before payment is made, $500.
c. Payment is made within the discount period.
Cash
Accounts Payable
Purchases
Purchases Returns and Allowances
Purchases Discounts
expand button
Transcribed Image Text:3. Purchase of merchandise on account with return of merchandise. a. Merchandise is purchased on account, credit terms 2/10, n/30, $3,800. b. Merchandise is returned for credit before payment is made, $500. c. Payment is made within the discount period. Cash Accounts Payable Purchases Purchases Returns and Allowances Purchases Discounts
2. Purchase of merchandise on account with credit terms.
a. Merchandise is purchased on account, credit terms 2/10, n/30, $2,000.
b. Merchandise is purchased on account, credit terms 3/10, n/30, $1,110.
c. Payment is made on invoice (a) within the discount period.
d. Payment is made on invoice (b) too late to receive the cash discount.
Cash
Accounts Payable
dropdown
Purchases
Purchases Discounts
expand button
Transcribed Image Text:2. Purchase of merchandise on account with credit terms. a. Merchandise is purchased on account, credit terms 2/10, n/30, $2,000. b. Merchandise is purchased on account, credit terms 3/10, n/30, $1,110. c. Payment is made on invoice (a) within the discount period. d. Payment is made on invoice (b) too late to receive the cash discount. Cash Accounts Payable dropdown Purchases Purchases Discounts
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