Question

Finish attempt ... eBook AP Question 3 Not complete Marked out of 13.00 P Flag question Journal Entries for Purchase, Return, and Remittance-Perpetual System On April 13, the Albert Company purchased $26,000 of merchandise from the Krausman Company, with terms of 1/10, n/30. On April 15, Albert paid $400 to Ace Trucking Company for freight on the shipment. On April 18, Albert Company returned $900 of merchandise for credit. Final payment was made to Krausman on April 22. Albert Company records purchases using the perpetual inventory system. Required Prepare the journal entries that Albert Company should make on April 13, 15, 18, and 22. General Journal Date Description Debit Credit April 13 Purchase of merchandise from Krausman Company terms 1/10, n/30. Paid freight on April 13 purchase. Returned merchandise to Krausman Company. Cash Paid amount due to Krausman Company.

Answer 1

Solution Date Accounts & Explanation Debit Credit Arp 13 2600D 26000 Merchandise purchase ale Account payable alc [ To record purchase an account] 400 | Arp 15 400 Merchandise cash [ To record purchase al ale freight paid] 900 Arp 18 Accounts payable ale Merchandise purchase ale [ to record Merchandise Retumed] 900 25 100 p२२ 24849 Accounts payable alc [ 26000-900] Cash alc Merchandese purchase ale [To record final payment] 251