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How do prepare the journal entries to record transaction

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Reference no: EM132811968

1. On April 5, purchased merchandise on account from Sheffield Company for $29,000, terms 4/10, net/30, FOB shipping point.

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

3. On April 7, purchased equipment on account for $28,800.

4. On April 8, returned $3,500 of merchandise to Sheffield Company

5. On April 15, paid the amount due to Sheffield Company in full.

Problem 1: Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system.

Reference no: EM132811968

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