TD - E 7-35 (p.327) Journalizing Inventory Transactions 1....

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Unformatted text preview: E 7-35 (p.327) Journalizing Inventory Transactions 1. Journal Entries (periodic method) Jan. 24 Purchases.............................................................. $18,000 Accounts Payable..................................... 18,000 (Purchase inventory on credit, 2/10, n/30) Jan. 30 Accounts Payable................................................. 18,000 Purchase Discounts.................................. 360 Cash.......................................................... 17,640 (Pay off the debt from the Jan. 24 purchase) Mar. 14 Purchases.............................................................. 140,000 Accounts Payable..................................... 140,000 (Purchase inventory on credit, 2/10, n/30) Freight in.............................................................. 1,150 Cash.......................................................... 1,150 (Pay for transportation cost) Apr. 1 Accounts Payable................................................. 25,000 Purchase Returns...................................... 25,000 (Return defective machinery from the Mar. 14 purchase) Apr. 13Apr....
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This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

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TD - E 7-35 (p.327) Journalizing Inventory Transactions 1....

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