Question

Weekly View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Ivanhoe Company's books. Ivanhoe uses a perpetual inventory system ces tions Jan. 2 Ivanhoe purchased $20,800 of merchandise from Feng Company, terms 1/30. FOB shipping point. 4 The correct company paid freight costs of $265 6 Ivanhoe returned $2.200 of the merchandise purchased on January 2 because it was not needed. Feb. 1 Ivanhoe paid the balance owing to Feng JS Support (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account title and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record cash payment of freight.) Search

Answer 1

Jan. 2 Dr $20,000 Gr. Purchases Alc feng Company Freight Expenses $20,800 Jan. 4 $265 Cash $265 Jam6 Feng Company Return Outwends $2,200 $2,200 febl feng Conspany $18.600 $18,600