Assume that prophet co paid the balance due to lombard

Reference no: EM13603040

This information relates to Prophet Co.

1. On April 5 purchased merchandise from Lombard Company for $25,000, terms 2/10, n/30.
2. On April 6 paid freight costs of $900 on merchandise purchased from Lombard.
3. On April 7 purchased equipment on account for $30,000.
4. On April 8 returned some of April 5 merchandise to Lombard Company which cost $3,600.
5. On April 15 paid the amount due to Lombard Company in full.

(a) Prepare the journal entries to record the transactions listed above on the books of Prophet Co. Prophet Co. uses a perpetual inventory system.

(b) Assume that Prophet Co. paid the balance due to Lombard Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Reference no: EM13603040

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