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Prepare general journal entries to record the transactions

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Question - Some of the transactions of XYZ Corporation during August are listed below. XYZ uses the periodic inventory method.

August 10 Purchased merchandise on account, $12,000, terms 2/10, n/30.

Aug 13 Returned part of the purchase of August 10, $1,200, and received credit on account.

Aug 15 Purchased merchandise on account, $16,000, terms 1/10, n/60.

Aug 25 Purchased merchandise on account, $20,000, terms 2/10, n/30.

Aug 28 Paid invoice of August 15 in full.

Assuming that purchase is recorded at gross amounts and that discount is to be recorded when taken.

Prepare general journal entries to record the transactions.

Reference no: EM132012636

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