Homework Answers
| Journal Entries | ||||
| Date | Accounts | Debit ($) | Credit ($) | |
| May-04 | Purchase | 3500 | ||
| Freight | 200 | |||
| Accounts Payable | 3700 | |||
| May-11 | Accounts Payable | 400 | ||
| Purchase Return | 400 | |||
| May-14 | Accounts Payable | 3300 | ||
| Cash | 3238 | =3700-400-62 | ||
| Discount | 62 | =(3500-400)*2% | ||
Thus, (a) Accounts Payable is correct.
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Petty Cash Fund Entries
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