Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies)a (Click the icon to view the transactions.)Purchases JournalPage 6Other Accounts DRVendorPost.AccountsMerchandiseOfficeAccountPost.DateAccount CreditedTermsRef. Payable CRInventory DR Supp. DRTitleRef.Amount2024Oct.More InfoOct. 1Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co.,$2.700,Oct. 11Purchased office supplies on account from Book Co., $400. Terms were n/EOM.Oct. 24Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600.PrintDone

1 (Click the icon to view the transactions.) Purchases Journal Other Acco Vendor Post. Accounts Merchandise Office Account Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title 2024 Oct. More Info

1 (Click the icon to view the transactions.) Purchases Journal Other Acco Vendor Post. Accounts Merchandise Office Account Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title 2024 Oct. More Info

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
Subject: acounting
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