Scruffy Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred....
Scruffy Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred.
May 13 Purchased 6 motors at a cost of $45 each from Charlie Company, terms 4/10, n/30. The motors cost Charlie Company $26 each.
May 16 Returned 1 defective motor to Charlie.
May 23 Paid Charlie Company in full.
Instructions
Journalize the May transactions for Scruffy Brothers. You may omit explanations.
Homework Answers
Answer-
| DATE | ACCOUNT TITLE | DEBIT | CREDIT |
| MAY 13 | Purchase-Motors ($45 * 6) | $270 | |
| Accounts payable-Charlie Co. | $270 | ||
| MAY 16 | Accounts payable- Charlie Co. | $45 | |
| Purchase returns- motors | $45 | ||
| MAY 23 | Accounts payable | $225 | |
| Cash | $216 | ||
| Purchase discounts ($270-45*4%) |
$9 |
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Scruffy Brothers Supply uses a periodic inventory system. During
May, the following transactions and events occurred....
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Accounting questions
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