× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
p
4
h
4
c
4
d
3
3
c
3
t
3
u
3
A
3
B
3
j
3
s
3
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
pocaralho pocaralho
wrote...
Posts: 258
Rep: 0 0
6 years ago
Journalize the following purchase transactions for Schaeffer Office Supplies using the periodic inventory system.  Explanations are not required.

May 12Schaeffer buys $167,500 worth of merchandise inventory on account with credit terms of 2/10, n/30.
May 16Schaeffer returns $18,600 of the merchandise to the vendor due to damage during shipment.
May 21Schaeffer pays the amount due.
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
Read 31 times
2 Replies

Related Topics

Replies
wrote...
#1
6 years ago
 
DateAccounts and ExplanationDebitCredit
May 12Purchases 167,500
       Accounts Payable167,500

May 16Accounts Payable    18,600
       Purchases Returns and Allowance  18,600

May 21Accounts Payable ($167,500 - $18,600) 148,900
       Cash ($148,900  $2,978)145,922
       Purchase Discount ($148,900  0.02)   2,978
pocaralho Author
wrote...
#2
6 years ago
I wanna give this person a hug.
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1089 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 355
  
 160
  
 2533
Your Opinion
Who will win the 2024 president election?
Votes: 10
Closes: November 4
Previous poll results: What's your favorite math subject?