Journalize the following transactions for Foster Company using the gross method of accounting for purchase discounts....
Journalize the following transactions for Foster Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system.
| July | 3 | Purchased goods from Murphy Company on account, $15,000, terms 4/10, n/30. | |
| July | 9 | Returned merchandise to Murphy Company that was previously purchased on account, $2,400. | |
| July | 13 | Paid the amount due to Murphy Company. |
Homework Answers
ANSWER:
| Date | Account title | Debit | Credit |
|---|---|---|---|
| July 3 |
Merchandise inventory Accounts payable |
$15000 . |
. $15000 |
| July 9 |
Accounts payable Merchandise inventory |
$2400 . |
. $2400 |
| July 13 |
Accounts payable ($15000 - $2400) Discount received ($15000 - $2400) x 4% Cash |
$12600 . . |
. $504 $12096 |
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