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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:

Jan. 3 Purchased merchandise from Feng, $6,000. Invoice No. 416, dated January 1, terms 2/10, n/30.

12 Purchased merchandise from Miranda, $9,000. Invoice No. 624, dated January 10, terms n/30.

19 Purchased merchandise from J. B. Barba, $6,400. Invoice No. 190, dated January 18, terms 1/10, n/30.

26 Purchased merchandise from Ramirez, $3,700. Invoice No. 923, dated January 25, terms 1/15, n/30.

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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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