Question

Fill Out All White Blanks Below The following transactions occurred between Kinzer Furnishings and K and B Furniture Warehouse during July of the current year: (Click the icon to view the transactions.) Read the requirements Now journalize the inventory portion of the merchandise return Journal Entry Date Accounts Debit Credit More Info X - Jul 10 Jul 4 Kinzer Furnishings purchased $7,300 of merchandise from K and B Furniture Warehouse on account. Terms, 3/15 n/30, FOB shipping point. The goods cost K and B Furniture Warehouse $2,700 7 Kinzer Furnishings paid a $125 freight bill for delivery of the goods purchased on July 4. 10 Kinzer Furnishings returned $1,100 of the merchandise purchased on July 4. The goods cost and B Furniture Warehouse $650 18 Kinzer Furnishings paid $1,800 of the July 4 invoice less the discount 31 Kinzer Furnishings paid the remaining amount owed on the July 4 invoice Jul 18: Kinzer Furnishings paid $1,800 of the July 4 invoice less the discount. Journal Entry Accounts Date Debit Credit Jul 18 Print Done Jul 31: Kinzer Furnishings paid the remaining amount owed on the July 4 invoice Journal Entry Accounts Date Debit Credit ایل

Answer 1

In Books of Kinzer Furnishings

Date	Account titles	Debit	Credit
Jul-04	Merchandise Inventory	$           7,300
	Accounts Payable		$            7,300
	(Purchase of Merchandise on account)
Jul-07	Merchandise Inventory	$               125
	Cash		$                125
	(Paid freight on merchandise purchased)
Jul-10	Accounts Payable	$           1,100
	Merchandise Inventory		$            1,100
	(Returned merchandise)
Jul-18	Accounts Payable	$           1,800
	Cash		$            1,746	=1800-54
	Merchandise Inventory		$                  54	=1800*3%
	(Paid cash net of 3% discount)
Jul-31	Accounts Payable	$           4,400		=7300-1100-1800
	Cash		$            4,400
	(Paid cash)