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Prepare general journal entries to record the transactions

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Question - Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account, $31,400, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,500, and received credit on account. 15 Purchased merchandise on account, $36,200, terms 1/10, n/60. 25 Purchased merchandise on account, $42,600, terms 2/10, n/30. 28 Paid invoice of August 15 in full. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: Prepare general journal entries to record the transactions?

Reference no: EM131808819

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