E5-19 (similar to)
Anderson Tires uses a perpetual inventory system. Anderson Tires received the following invoice from a supplier (Otis Distribution, Inc.): 
Homework Answers
Solution of E5-19 :-
Journal Entries :-
| Date | Particulars | Debit($) | Credit($) |
| Sep 23 | Merchandise Inventory A/c | 915 | |
| Accounts Payable A/c | 915 | ||
| (Being record Inventory Purchase on Account) | |||
| Sep 28 | Accounts Payable A/c | 36.34 | |
| Merchandise Inventory A/c | 36.34 | ||
| (Being Record Purchase Return) | |||
| Oct 1 | Account Payable A/c ($915-$36.34) | 878.66 | |
| Merchandise Inventory(Discount) A/c(($915-$36.34)*1%) | 8.7866 | ||
| Cash A/c ($878.66 - $8.7866) | 869.8734 | ||
| (Being Record Payment of Purchase on Discount) |
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