Reference no: EM132664629
Question - This information relates to Rice Co.
1. On April 5, purchased merchandise from Jax Company for $28,000, terms 2/10, n/30.
2. On April 6, paid freight costs of $700 on merchandise purchased from Jax.
3. On April 7, purchased equipment on account for $30,000.
4. On April 8, returned $3,600 of April 5 merchandise to Jax Company.
5. On April 15, paid the amount due to Jax Company in full.
Instructions -
(a) Prepare the journal entries to record the transactions listed above on Rice Co.'s books. Rice Co. uses a perpetual inventory system.
(b) Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment. Journalize perpetual inventory entries.
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