6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases....
6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare general journal entries to record the following transactions for Johnnycake:
|
Aug. 10 |
Johnnycake purchased merchandise on credit from Foster Foods for $9,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Foster. |
|
12 |
Johnnycake returned $600 of merchandise from the August 10 purchase. |
|
19 |
Johnnycake paid Foster for the August 10 purchase. |
Homework Answers
the following are the journal entries:
| date | accounts | debit | credit |
| aug 10 | Purchases a/c | 9,350 | |
| .......To accounts payable | 9,350 | ||
| aug 12 | accounts payable a/c | 600 | |
| ........To purchases a/c | 600 | ||
| aug 19 | accounts payable | 8,750 | |
| ............To cash a/c | 8,582 | ||
| ............To discount received on purchases | 168 |
note : discount amount = (9000-600)*2% =>168.
cash received = (8400 - 168) + 350 =>8,582.
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