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Prepare the journal entry to record this payment

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Reference no: EM131967132

Question - The following information relates to Hampton Pty Ltd.

1. On 5 April purchased inventory from R. Ward & Co. for $9000, terms 2/7, n/30.

2. On 6 April paid freight costs to Freight Masters of $450 on inventories purchased from R. Ward & Co.

3. On 7 April purchased equipment on account for $52 000.

4. On 8 April returned incorrect inventories to R. Ward & Co. and was granted a $1500 allowance.

5. On 11 April paid the amount due to R. Ward & Co.

Required:

(a) Prepare the journal entries to record the transactions listed in the records of Hampton Pty Ltd.

(b) Assume that Hampton Pty Ltd paid the balance due to R. Ward & Co. on 4 May instead of 11 April. Prepare the journal entry to record this payment.

Reference no: EM131967132

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