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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Journalize the following transactions in general journal form.

  1. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, $914; terms net 30 days; FOB destination.
  2. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, $238.

a.

To determine

Prepare journal entry to record the given transaction.

Explanation

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.

To determine

Prepare journal entry to record the given transaction.

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