Question

1. On April 5, purchased merchandise from Wildhorse Company for $26,000, on account, terms 2/10, 1/30 2. On April 6, paid freight costs of $2,000 on merchandise purchased from Wildhorse Company 3. On April 7. purchased equipment on account for $37,000. 4. On April 8, returned $5,000 of the April 5 merchandise to Wildhorse Company. 5. On April 15. paid the amount due to Wildhorse Company in full. - Your answer is partially correct. Prepare the journal entries to record these transactions on the books of Windsor using a periodic inventory system. Of no entry is required, select "No Entry for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit April : Equipment 26,000 Accounts Payable April 6 : Freight-in April 7 : Equipment Accounts Payable April Accounts Payable Equipment MacBook Air Ft og N

Answer 1

Ans:

Date	Account Title And Explanation	Debit	Credit
Apr-05	Merchandise inventory	26000
	Accounts payable		26000
Apr-06	Merchandise inventory	2000
	Cash		2000
Apr-07	Equipment	37000
	Accounts payable		37000
Apr-08	Accounts payable	5000
	Merchandise inventory		5000
Apr-15	Accounts payable(26000-5000)	21000
	Merchandise inventory		420
	Cash		20580
B	If Balance is paid on May 4th
Apr-15	Accounts payable	21000
	Cash		21000

Hope this helped ! Let me know in case of any queries.

Answer 2

Inventory   Debit 26000

Accounts Payable Credit  26000