Reference no: EM132719011
Question: Journalize each of the following transactions assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Feb.1Purchased $16,600 of merchandise inventory; terms 3/10, n/30. 5Purchased for cash $7,800 of merchandise inventory. 6Purchased $21,600 of merchandise inventory; terms 1/15, n/45. 9Purchased $1,700 of office supplies; terms n/15. 10Contacted a major supplier to place an order for $160,000 of merchandise in exchange for a 20% trade discount to be shipped on April 1 FOB destination. 11Paid for the merchandise purchased on February 1. 24Paid for the office supplies purchased on February 9.Mar.23Paid for the February 6 purchase.
The transaction list
1. Record purchase of merchandise for $16,600; terms 1/10, n/30.
2. Record purchase of merchandise for $7,800 for cash.
3. Record purchase of merchandise for $21,600; terms 2/15, n/45.
4. Record purchase of office supplies $1,700; terms n/15.
5. Record the entry for placing of an order for $160,000 of merchandise in exchange of 20% trade discount to be shipped on April 1 FOB destination.
6. Record payment made for merchandise purchased on February 1.
7. Record payment made for office supplies purchased on February 9.
8. Record payment made for merchandise purchased on February 6.
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