Question

This information relates to Windsor Co. 1. On April 5, purchased merchandise from Wildhorse Company for $26,000, on account terms 2/10, 30 2. On April 6, paid freight costs of $2,000 on merchandise purchased from Wildhorse Company 3. On April 7. purchased equipment on account for $37,000. 4. On April , returned $5,000 of the April 5 merchandise to Wildhorse Company 5. On April 15, paid the amount due to Wildhorse Company in full. Your answer is partially correct. Prepare the journal entries to record these transactions on the books of Windsor using a periodic inventory system. If no entry is required, select " amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Tities and Explanation Debit Credit 1 April5 : Purchases 200 Accounts Payable Accounts Payable I Cash Art 37.000 5.000 MacBook Air

Answer 1

Sno Account Details Debit Credit 1 Merchandise Inventory $26,000 Accounts Payable $26,000 $2,000 2 Freight-In Cash $2,000 $37,000 3 Equipment Accounts Payable $37,000 $5,000 4 Accounts Payable Merchandise Inventory $5,000 $21,000 5 Accounts Payable Cash $21,000