Solution-Create the journal entry to record the payment

Create the journal entry to record the payment

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Reference no: EM132498004

Information related to Pagnucci Co. is presented below.

1. On April 5, purchased merchandise from Mockingbird Company for $20,000 terms 2/10, net/30.

2. On April 6 paid freight costs of $500 on merchandise purchased from Mockingbird.

3. On April 7, purchased equipment on account for $29,000.

4. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $3,000 credit for returned merchandise.

5. On April 18 paid the amount due to Mockingbird Company in full.

Do it all in perpetual inventory system

Question (a) Assume that Pagnucci Co. paid the balance due to Mockingbird Company on April 8 instead of April 18. Prepare the journal entry to record this payment.

Reference no: EM132498004

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Create the journal entry to record the payment

Reference no: EM132498004

Reference no: EM132498004

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