Question

Exercise 6-42 Recording Purchases Doha Enterprises uses the perpetual system to record inventory transactions. In a recent month, Doha engaged in the following transactions. a. On April 1, Doha purchased merchandise on credit for $25,150 with terms 2/10, n/30. b. On April 2, Doha purchased merchandise on credit for $28,200 with terms 3/15, 1/25. c. On April 9, Doha paid for the purchase made on April 1. d. On April 25, Doha paid for the merchandise purchased on April 2.

Answer 1

		Dr.	Cr.
Ápril 1	Inventory	25150
	Accounts payable		25150
	( Purchased inventory on credit )
Ápril 2	Inventory	28200
	Accounts payable		28200
	( Purchased inventory on credit )
Ápril 9	Accounts payable	25150
	Cash ( 25150 - 503 )		24647
	Inventory ( 25150 * 2% )		503
	( Paid within the discount period )
Ápril 25	Accounts payable	28200
	Cash		28200
	( Paid outside the discount period )