On August 1, Gilgen Brothers bought goods with a list price of $19,200, terms 2/10, n/30....
On August 1, Gilgen Brothers bought goods with a list price of $19,200, terms 2/10, n/30. The firm records purchases at invoice price, using the periodic inventory system. On August 5, Gilgen Brothers returned goods with a list price of $2,400 for credit.
If Gilgen Brothers paid the supplier the amount due on August 9, the appropriate entry would be:
| Debit to Accounts Payable 18,464 Credit to Cash 18,464 |
| Debit to Accounts Payable 19,200 Credit to Purchase Discounts 384 Cash 18,816 |
| Debit to Accounts Payable 16,800 Credit to Cash 16,800 |
| Debit to Accounts Payable 16,800 Purchases Discounts 336 Credit to Cash 16,464 |
Homework Answers
List price of goods after return = $19,200 - 2400 = $16,800
Discount on balance = 16800 *0.02 = $336
The appropriate entry would be:
Debit to Accounts Payable 16,800 Purchases Discounts 336 Credit to Cash 16,464.
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On August 1, Gilgen Brothers bought goods with a list price of
$19,200, terms 2/10, n/30....
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Please help, this is wrong
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