D4 (10-1D) 1. Journalize the following transactions. All purchases are subject t

Question

D4 (10-1D) 1. Journalize the following transactions. All purchases are subject to terms of 2/10, n/30. The periodic inventory method is used (25 points) Nov. 3 Purchased merchandise with a price of S2.000 from the Bartkowski Inc. Nov. 5 Purchased merchandise from the Thiesman and Co with a price of $6.000. Nov. 7 Purchased merchandise with a price of $3.000 from the Montana Supply Co. Nov. 10 Paid the amount due to Bartkowski Inc.. Nov. 12 Paid the amount due to Thiesman and Co. Nov. 23 Paid the amount due to Montana Supply Co

Explanation / Answer

JOURNAL Date Account Head & Description Debit Amount Credit Amount Nov 3 Merchandise inventory 2000 Accounts payable 2000 (to record the credit purchase) Nov 5 Merchandise inventory 6000 Accounts payable 6000 (to record the credit purchase) Nov 7 Merchandise inventory 3000 Accounts payable 3000 (to record the credit purchase) Nov 10 Accounts payable 3000 Discount received (3000*2%) 60 cash (3000*98%) 2940 (to record the accounts payable settlement) Nov 12 Accounts payable 6000 Discount received (6000*2%) 120 cash (6000*98%) 5880 (to record the accounts payable settlement) Nov 23 Accounts payable 3000 cash 3000 (to record the accounts payable settlement)

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