Question

Consider the following transactions for Galia Packing Supplies Click the icon to view the transactions.) Requirements 1. Joumalize the purchase transactions assuming Galia Packing Supplies uses the periodic inventory system. Explanations are not required 2. What is the amount of net purchases? Requirement 1. Joumalize the purchase transactions assuming Galia Packing Supplies uses the periodic inventory system. Explanations ae not required. (Record debits first, then credits Exclude explanations from joumal entries.) Apr. 10: Gala Packing Supplies buys $145,000 worth of merchandise inventory on account with credit terms of 1/10, n/30 Date Accounts Debit Credit Apr. 10 Choose from any Ist or enter any number in the input fieids and then continue to the next question,

Answer 1

Consides the following taansaction for Galig Packing sUPPlies Reqi Date Account Name Debit caedi Puachase A Po 10 145000 TO Accous Payable 145000 Accounts Payable APO 12 15000 TO PUchase Retusns R Allouance 15000 3) Account payable CI45000-15000) APo 19 S 130,000 cash TO PUrchase discount 130000x 1 TO I 28+00 B1300 i/ 10 if Payment is made aithin 1o days puachasea cwill be able to avail discoun Of 1% leeg 130,000 Req 2 The amount of net puachase is Puachase Retuun Puaehase rdet puschase I5000 145000 130,000