Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134491509
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
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Chapter 5, Problem S5B.14SE
Journalizing purchase transactions—periodic inventory system
Learning Objective 8 ßAppendix5B
Consider the following transactions for Garman Packing Supplies:
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Apr.10
Garman Packing Supplies buys $175.000 worth of merchandise inventory on account with credit terms of 1110, n/30.
12 Garman returns $15.200 of the merchandise to the vendor due to damage during shipment.
19 Garman paid the amount due, less the return and discount.
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Requirements
1. Journalize the purchase transactions assuming Garman Packing Supplies uses the periodic inventory system. Explanations are not required.
2. What is the amount of net purchases?
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Chapter 5 Solutions
Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)
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