t/mainfrur re T https/edugen weyplu US FINANCIAL & MANAGERIAL (ACC 110/21°) Kimm

Question

t/mainfrur re T https/edugen weyplu US FINANCIAL & MANAGERIAL (ACC 110/21°) Kimmel, Accounting, Ge Downloadable eTextbook ERSION BACK Consider the following independent soenarios from Office Suppliers for $62,000, with teres of 1/10, n/30. During Banil Company purchased merchandise on account the dacount period, B bazl retarned some merchandise and paid $59,400 as payment in full Bazil uses a perpetual Prepare the journal entries that Bazil Company made to recond the (1) purchase of merchandise. (2) return of merchandse. (3) payment on aou (Cresit account tieles are automaticaly indented when the amount is entered. Do not indent maually No. Account Titles and Explanation C1) up

Explanation / Answer

No Account titles & Explanations Debit Credit 1) merchandis inventory 62,000 Accounts payable 62,000 2) Accounts payable 2,000 Merchandise inventory 2,000 3) Accounts payable (59400/99%) 60000 merchandise inventory 600 cash 59,400

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