Safari File Edit View History Bookmarks Window Help ID E6-8 Recording Journal En

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Safari File Edit View History Bookmarks Window Help ID E6-8 Recording Journal Entries for Purchases and Purchase Discounts Using a Perpe During the months of January and February, Axe Corporation purchased goods from three suppliors. Tho sequence of events was as follows Jan. 6 Purchased goods for $2,400 from Green with terms 2/10, n/3o 6 Purchased goods from Munoz for $2,100 with terms 2/10, n/30. 14 Paid Green in full Feb. 2 Paid Munoz in full. 28 Purchased goods for S95frorn Reynolds with terms 2/10, n 45. Required: entries to record the transactions, assuming Axe uses a perpetual inventory system. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the inventory purchased of $2,400 on account from Green with terms 2/10, n/30. Note: Enter debits before credits General Journal Debit Credit Jan6 Record entry Clear entry View general journal 6

Explanation / Answer

Journal entries recorded by Axe Corporation is as prepared below:

Date Particulars L.F Amount ($) Amount ($) Jan-06 Merchandise Inventory 2,400 Accounts Payable - Green 2,400 (for goods purchased from Green 2/10, n/30) Jan-06 Merchandise Inventory 2,100 Accounts Payable - Munoz 2,100 (for goods purchased from Munoz 2/10, n/30) Jan-14 Account payable 2,400 Cash 2,352 Merchandise Inventory (2,400*2%) 48 (For paid Green ) Feb-02 Account payable 2,100 Cash 2,100 (For paid Munoz) Feb-28 Merchandise Inventory 950 Accounts Payable - Reynolds 950 (for goods purchased from Reynolds 2/10, n/45)

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