Prepare the journal entries to record these transactions

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Reference no: EM133346214

Question 1. On April 5, purchased merchandise from Paris Company for $22,000, terms 2/10, net/30, FOB shipping point.

Question 2. On April 6, paid freight costs of $800 on merchandise purchased from Paris.

Question 3. On April 7, purchased equipment on account from Wayne Higley Mfg. Co. for $26,000.

Question 4. On April 8, returned merchandise, which cost $4,000, to Paris Company.

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

Instructions

(a) Prepare the journal entries to record these transactions on the books of Chevalier Co. using a periodic inventory system.

(b) Assume that Chevalier Co. paid the balance due to Paris Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Reference no: EM133346214

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