Business, 16.10.2020 07:01 zitterkoph
Record the following transactions related to purchases for Horston’s Art Supplies using the general journal form provided below. Assume Horston’s uses a periodic inventory system. Omit transaction descriptions from entries.
Date Transaction
Sept. 1 Purchased $8,000 of merchandise on account, FOB destination, n/30.
3 Returned $1,000 of merchandise purchased on September 1 due to defects.
7 Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30.
Prepaid freight of $75 was added to the invoice.
14 Paid for the merchandise purchased on September 7, less discount.
20 Paid for merchandise purchased on September 1, less return.
Answers: 2
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Record the following transactions related to purchases for Horston’s Art Supplies using the general...
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