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Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, $914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, $238.
College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Journalize the following transactions in general journal form.
- a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, $914; terms net 30 days; FOB destination.
- b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, $238.
a.
Prepare journal entry to record the given transaction.
Explanation of Solution
Merchandise Inventory:
Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a trader, to be sold within a year. Merchandise Inventory is a current asset account which includes all the costs incurred to acquire merchandise, and process it further for sale.
| Date | Account Titles and explanation | Debit ($) | Credit ($) |
| Purchase | 914.00 | ||
| Accounts payable | 914... |
b.
Prepare journal entry to record the given transaction.
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