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( Appendix 6A) Recording Purchase Transactions
Refer to the information for Mathis Company (p. 336) and assume that Mathis uses a periodic inventory system.
Required:
1. Prepare the journal entry to record the April 1 purchase of merchandise and payment of freight by Mathis.
2. Prepare the journal entry to record the April 8 return of merchandise.
3. Prepare the journal entry to record the April 10 payment to Reece.
Concept introduction:
Periodic Inventory System:
The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.
Requirement 1:
To prepare:
The Journal entry to record the April 1 Purchase and payment of freight.
The Journal entry to record the April 1 Purchase and payment of freight is explained as follows:
| Mathis Company | |||
| Journal Entries | |||
| Periodic Inventory System | |||
| Date | |||
Concept introduction:
Periodic Inventory System:
The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.
Requirement 2:
To prepare:
The Journal entry to record the April 8 return of merchandise.
Concept introduction:
Periodic Inventory System:
The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.
Requirement 3:
To prepare:
The Journal entry to record the April 10 Payment.
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