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Prepare the journal entry to record this payment

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Reference no: EM133059137

Question - Identify each statement as true or false. If false, indicate how to correct the statement.

Journalize purchase transactions. Information related to Rice Co. is presented below.

On April 5, purchased merchandise on account from Jax Company for $28,000, terms 2/10, net/30, FOB shipping point.

On April 6, paid freight costs of $700 on merchandise purchased from Jax.

On April 7, purchased equipment on account for $30,000.

On April 8, returned $3,600 of merchandise to Jax Company.

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

Required -

1. Prepare the journal entries to record these transactions on the books of Rice Co. under a perpetual inventory system.

2. 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.

Reference no: EM133059137

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