Question

2Exercise 5-09 eBook Exercise 5-9 Recording Purchases: Perpetual Inventory System The transactions that follow took place under the perpetual inventory system a. Purchased merchandise on credit, terms n/30, FOB shipping point, $5,000 b. Paid freight on the shipment in transaction a, $270. C. Purchased merchandise on credit, terms n/30, FOB destination, $2,800. d. Purchased merchandise on credit, terms n/30, FOB shipping point, $5,200, which includes freight paid by the supplier of $400. e. Returned part of the merchandise purchased in transaction c, $1,000. f. Paid the amount owed on the purchase in transaction a. g. Paid the amount owed on the purchase in transaction d. h. Paid the amount owed on the purchase in transaction c less the return in e. Record each transaction using T accounts. Enter in the order given above. If an amount is zero, enter "" Cash Select ▼ Select ' Select ▼ Select Bal.

Answer 1

Purchase Cash Accounts Payable 1000 5000 5000 2800 5200 5200 270 5200 1800 12270 12270 1800 13000 13000 Bal 0 Bal Freight in Merchandise Inventory 270 5000 1000 C. 270 0 270 5200 13000 1000 12000 Bal Bal