need help recording journal entries 1 -5 E6-8 Recording Journal Entries for Purc
ID: 2554818 • Letter: N
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need help recording journal entries 1 -5
E6-8 Recording Journal Entries for Purchases and Purchase Discounts Using a Perpetual Inventory System During the months of January and February, Axe Corporation purchased goods from three suppliers sequence of events was as follows: [LO 6-3) Jan. 6 Purchased goods for $1,400 from Green with terms 2/10, n/30 6 Purchased goods from Munoz for $1,100 with terms 2/10, n/30 14 Paid Green in full Feb. 2 Paid Munoz in full 28 Purchased goods for $450 from Reynolds with terms 2/10, n/45 Required entries to record the transactions, assuming Axe uses a entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) perpetual inventory system. (If no Journal entry worksheet Record the inventory purchased of $1,400 on account from Green with terms 2/10, n/30. Jan.6Explanation / Answer
Date General Journal Debit Credit Jan 6 Inventory $1,400 Accounts payable - Green $1,400 Jan 6 Inventory $900 Accounts payable - Munoz $900 Jan 14 Accounts payable - Green $1,400 Discount received($1,400 * 0.02) $28 Cash $1,372 Feb 2 Accounts payable - Munoz $900 Cash $900 Feb 28 Inventory $450 Accounts payable - Reynolds $450
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