1 answer

Required information Complete the buyer's journal entry for payment by selecting the account names from amounts...

Question:

Required information Complete the buyers journal entry for payment by selecting the account names from amounts in the debit
Journal entry worksheet A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that
Required information Complete the buyer's journal entry for payment by selecting the account names from amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 A buyer uses a perpetual inventory system, and it purchased $4,000 of merchandise on credit terms of 2/10, n/30 on December 5. Later, on December 15, the buyer pays the invoice in full. Note: Enter debits before credits.
Journal entry worksheet A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Note: Enter debits before credits.

Answers

Journal Entries
Date Account Tittle Debit Credit
Dec. 5 Inventory $4,000
Account Payable $4,000
Inventory purchased on account
Dec. 7 Account Payable 400
Inventory 400
To record defective inventory kept at reduce price
Dec. 15 Account Payable 3,600
Cash 3,528
Inventory 72
To record Payment of Invoices within discount period
Discount = (4,000 -400) \times 0.02 = $72
.

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