71% View History Bookmarks People Window Help D Connect Chapter 3 Homev G anothe

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71% View History Bookmarks People Window Help D Connect Chapter 3 Homev G another word for owners w × Virginia Community Colleg X Sylatus-NV28OACC2 x t.html Help Save& Exit Sul Check my wor 0 Required information The following information applies to the questions displayed below. Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Oct. 2 Purehased nerehandiae at a 3,000 price (82,940 net), invoice dated October 2, terma 2/0, 10 Raceived a eredit nenorandum toward the return of $500 (490 net) of merchandian that it parehased on October 2 17 Purchased merchandise at a $5,400 price ($5,292 net), invoice dated October 17, terma 2/10, n/30 27 Paid for the serchandise purchaned on October 17, less the discount. 31 Paid for the merohandise parchased on October 2. (Paymest vaa mistakenly delayed, which cassed the discount to be lost (b) Prepare entries to record the above transactions assuming that Piere Imports records invoices at net amounts. Journal entry worksheet

Explanation / Answer

Journal Entries Sr. No. Date Account Title and explanation Debit Credit Merchandise $3,000 Oct ,02        To Account Payable $3,000 Account Payable $500 Oct ,10             To Merchandise $500 Oct, 17 Merchandise $5,400        To Account Payable $5,400 Account Payable $5,400.00 Oct, 27        To Cash $5,292.00         To Purchase Discount $108.00 Oct, 31 Account Payable $2,500.00        To Cash $2,500.00

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