Question

Ch 5 - Homework Navigation Finish attempt... 3 com a Journal Entries for Purchase Return, and Remittance-Perpetual System On April 11theKesselman Companypudsed 522.000 of merchandise from the man Company with terms o n April. K $1,000 of merchandise for credit Final payment was made to Kri s Apr 22 Kesselman Company records purchases using the perp company for the shipment of April, Kessel Company returned a pad 300 e try Prepare the entries that can company should make on 1 and 22 DELL

Answer 1

Answer:

Date	Account title and Explanation	Debit	Credit
April 13	Inventory	$22,000
	Accounts payable		$22,000
	[Purchase of merchandise from Kesselmand company terms 1/10, n/30]
April 15	Inventory	$300
	Cash		$300
	[Paid freight on April 13 purchase]
April 18	Accounts payable	$1,000
	Inventory		$1,000
	[Returned merchandise to Kesselman Company]
April 22	Accounts payable [22,000-1,000]	$21,000
	Inventory [$21,000 x 1%]		$210
	Cash		$20,790
	[Paid amount due to Kesselman Company]