Question

Exercise Record the following transactions of J. Min Designs in a general journal TRANSACTIONS DATE 2019 April 1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice as $1,5ee, terms 3/10, 1/30; freight of $45 prepaid by O'Rourke Fabricators and added to the invoice (total Invoice amount, 31,545) Paid amount due to O'Rourke Fabricators for the purchase of April 13 Less the percent discount Check 457. Purchased merchandise on credit from Kroll company. Invoice 145, 51,000, terms 3 n /30 freight of $Se prepaid by Kroll and added to the invoice Returned damaged merchandise purchased on April 15 from Kroll companys received Credit Memorandus 332 for $100 Paid the amount due to roll company for the purchase of Aprilis, less the return on April 17, taking the 3 percent discount, Check 470. 17 24 View transaction list View journal entry worksheet General Joumai Credit No 1 Date Apr 01, 2019 Debit 1,500 Merchandise inventory Purchases discounts

Answer 1

SOLUTION:

Date	Particulars	Debit	Credit
Apr-01	Merchandise inventory	1,500
	Freight	45
	O'Rourke Fabricators		1,545
Apr-09	O'Rourke Fabricators	1,545
	Cash		1,500
	Discount		45
Apr-15	Merchandise inventory	1,000
	Freight inwards	50
	Kroll Company		1,050
Apr-17	Kroll Company	100
	Merchandise inventory		100
Apr-24	Kroll Company (1000 + 50 - 100)	950
	Bank - Chq No. 470		923
	Discount [(1000-100) * 3%]		27