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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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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.

To determine

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.

Explanation

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
To determine

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.

To determine

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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