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Record purchase transactions of money office supplies

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Problem 1: Record the following purchase transactions of Money Office Supplies.

Aug. 3 Purchased 40 chairs on credit, at a cost of $50 per chair. Shipping charges are an extra $2 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3.

Aug. 7 Purchased 21 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination.

Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

Reference no: EM132817097

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