WileypLuS Weygandt, Financial Accounting, 10e PRINCIPLES OF ACCOUNTING CACC elex

Question

WileypLuS Weygandt, Financial Accounting, 10e PRINCIPLES OF ACCOUNTING CACC elextbook erche 5-2 information related to Shysong. Inc is preserted below 1. On Aor s, purchaned merchandise on account Tromm Riverbed Company for $41.300, terms 2/30, set/30, FOB shipping point 2. On April 6, paid freight costs of $900 on merchandise purchased from Riverbed . On Apell 7,purhased equlpment on acoount for $40,200. 4 on Ap s, returned damaged merchandse to Riverbed Company and was granted a 6,300 credit for returned merchandise s On Apr 15, paid the amount due to Riverbed Company in ful Presare the journal entries to recoed these transactions on the beoks of Skysong. Iac, under a perpetal invetery system, (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is mpelmd. net mnr. h-omint, itis nl. n'er-iv. hil ineurt.) OB F2 F3 F7 F9 F10 F11 PrtSPause 3 4 5 e 6 7 8 9 0

Explanation / Answer

Journal entries: Date Accounts title and explanation Debit $ Credit $ 5-Apr Merchandise Inventory Account Dr. 41300       Accounts payable Account 41300 6-Apr Merchandise Inventory Account Dr. 900       Cash account 900 7-Apr Equipment Account Dr. 40200       Accounts payable Account 40200 8-Apr Accounts payable Account Dr. 6100      Merchandise Inventory Account 6100 15-Apr Accounts payable Account Dr. 35200       Cash account 34496        Merchandise Inventory Account (35200*2%) 704

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