Journalize entries for the following related transactions of Manville Heating &

Question

Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Purchased $55,100 of merchandise from Wright Co. on account, terms 2/10, n/30. 9 Paid the amount owed on the invoice within the discount period. 11 Discovered that $7,200 of the merchandise purchases on Mar. 1 was defective and returned items, receiving credit. 18 Purchased $6,200 of merchandise from Wright Co. on account, terms n/30. 20 Received a refund from Wright Co. for return on Mar. 11 less the purchase on Mar. 18.

Explanation / Answer

Accounting purchases under periodic inventory system.

Date Account Debit Credit Mar.1 Purchases        55,100 Accounts payable           55,100 Mar.9 Accounts payable        55,100 Purchase discounts             1,102 Cash           53,998 Mar.11 Accounts receivable          7,056 Purchase returns and allowances             7,200 Purchase discounts             144 Mar.18 Purchases          6,200 Accounts payable             6,200 Mar.20 Cash             856 Accounts payable          6,200 Accounts receivable             7,056

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