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Prepare the journal entry to record payment

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Reference no: EM132523104

Question - Information related to Pina Co. is presented below.

1. On April 5, purchased merchandise on account from Windsor Company for $39,000, terms 3/10, net/30, FOB shipping point.

2. On April 6, paid freight costs of $820 on merchandise purchased from Windsor.

3. On April 7, purchased equipment on account for $26,300.

4. On April 8, returned damaged merchandise to Windsor Company and was granted a $5,700 credit for returned merchandise.

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

Required -

(A) Prepare the journal entries to record these transactions on the books of Pina Co. under a perpetual inventory system.

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

Reference no: EM132523104

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