MENT RESOURCES Exercise 233 une 4 Deere Company purchased $3,500 worth of mercha

Question

MENT RESOURCES Exercise 233 une 4 Deere Company purchased $3,500 worth of merchandise, tems n/30 from Gilbert Company. The cost of the merchandise was $2,500 13 Deere returned $600 worth of goods to Gilbert for full credit. The goods had a cost of $400 to Johnson. 13 Deere paid the account in full. Assume use of the periodic inventory system for both coempanies Prepare the journal entries to record these transactions in Deere's books. (Credit account titles are automatically indented when the amount is entered. Do not indent problem statement.) Date Account Titles and Explanation Debit une 4 w Results. by Study LINK TO TEXT

Explanation / Answer

DEERE'S BOOKS: Jun-04 Purchases 3500 Accounts payable 3500 Jun-13 Accounts payable 600 Purchase returns and allowances 600 Jun-13 Accounts payable 3900 Cash 3900 GILBERT'S BOOKS: Jun-04 Accounts receivable 3500 Sales 3500 Jun-13 Sales returns and allowances 600 Accounts receivable 600 Jun-13 Cash 3900 Accounts receivable 3900

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