Solution-Find and prepare journal entries for the

Find and prepare journal entries for the transactions

Reference no: EM132674282

Problem 1: Prepare journal entries for the following transactions. The company uses a periodic inventory system.

Sept.1 Purchased goods for $4,300 plus a freight charge of $240 from the Mason Company, Invoice 846, dated August 29, net payable in 45 days.
sept.5 Purchased goods for $515 from Digital Solutions, Invoice 772, dated September 3, net payable in 60 days.
sept.11 Purchased goods for $965 from Raven Inc., Invoice 8104, dated September 9; terms are 1/10, n/30.
sept.15 Returned defective goods to Mason Company and received Credit Memorandum 312 for $620. The goods were originally purchased on Invoice 846 of August 29.
sept.20 Purchased goods for $3,775 plus freight of $130 from the Braemer Company, Invoice 3276, dated September 18; terms are 2/10, n/30.
sept.24 Received Credit Memorandum 602 for $100 from Raven Inc. The amount is an allowance for slightly damaged but usable goods purchased on Invoice 8104 of September 9.

Reference no: EM132674282

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Find and prepare journal entries for the transactions

Reference no: EM132674282

Reference no: EM132674282

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