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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

JOURNALIZING PURCHASES TRANSACTIONS Enter the following transactions in a purchases journal like the one below:

May 3 Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30.

9 Purchased merchandise from Misho, $3,100. Invoice No. 614, dated May 8, terms 2/10, n/30.

18 Purchased merchandise from Alelu Distributors, $4,700. Invoice No. 180, dated May 15, terms 1/15, n/30.

23 Purchased merchandise from Saltex, $5,900. Invoice No. 913, dated May 22, terms 1/10, n/30.

images

To determine

Record the given transactions in a purchases journal.

Explanation

Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single column purchase journal, debit aspect of inventory and credit aspect of accounts payable are recorded, and then posted to individual subsidiary supplier account...

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