(L. OBJ. 2) Journalizing purchase transactions from an invoice—perpetual Inventory [10-1...

(L. OBJ. 2) Journalizing purchase transactions from an invoice—perpetual Inventory [10-15 min]

As the proprietor of Discount Tire Co., you received the following invoice from a supplier:

Requirements

1. Journalize the transaction required on May 14, 2011.

2. Journalize the return on May 19, 2011, of the P135-X4 Radial, which was ordered by mistake.

3. Journalize the payment on May 22, 2011, to Wholesale Distributors, Inc.