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Prepare the journal entry to record this payment

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Question - Journalize purchase transactions. E5.2 (LO 2), AP 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 -

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

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: EM133069127

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