Question

Journal Entries for Purchase, Return, and Remittance-Perpetual System

QUESTION 2 Not complete Marked out of 1.00P Flag question Journal Entries for Purchase, Return, and Remittance-Perpetual System On April 13, the Kesselman Company purchased $31,000 of merchandise from the Krausman Company with terms of 1/10, n/30. On April 15, Kesselman paid $390 to Ace Trucking Company for freight on the shipment. On April 18, Kesselman Company returned $1,100 of merchandise for credit. Final payment made to Krausman on April 22. Kesselman Company records purchases using the perpetual inventory system. Required Prepare the journal entries that Kesselman Company should make on April 13, 15, 18, and 22. General Journal Debit Credit Date Description 31,000 April 13Inventory 31,000 Accounts Payable Purchase of merchandise from Krausman Company terms 1/10, n/30 390 15 Inventory 390 Cash Paid freight on April 13 purchase 1,100 18, Accounts Payable 수 1,100 Inventory 2 MacBook Air F7 FI

Answer 1

Date	Title	Debit	Credit
Apr-13	Inventory	$ 31,000
	Accounts payable		$ 31,000
Apr-15	Inventory	$        390
	Cash		$        390
Apr-18	Accounts payable	$    1,100
	Inventory		$    1,100
Apr-22	Accounts payable ($31,000-$1,100)	$ 29,900
	Inventory		$        299
	Cash ($29,900*99%)		$ 29,601

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