1. On April 20, KidsWare Co. purchased 200 T-shirts at $3 each from Fine Thread Co., credit terms 3/10, n/30.2- On April 22, KidsWear Co. and Fine Thread Co. agreed for reduction of $1 per unit in the price of 10 T-shirts that had a small defect but were not returned.3. On April 25, KidsWare Co.returned to FineThreads Co. 30 T-shirts, because they were of a different color. Journalize the following transactions.1. On April 20, KidsWare Co.purchased 200 T-shirts at $3 eachfrom Fine Thread Co., credit terms3/10, n/30.DATEACCOUNT TITLESDEBApril$202. On April 22, KidsWare Co. and FineThread Co. agreed for a reduction of $1per unit in the price of 10 T-shirts thathad a small defect but were notreturned.DATEACCOUNT TITLESDEBApril$22 2. On April 22, KidsWare Co. and FineThread Co. agreed for a reduction of $1per unit in the price of 10 T-shirts thathad a small defect but were notreturned.DATEACCOUNT TITLESDEBApril223. On April 25, KidsWare Co.returnedto Fine Threads Co. 30 T-shirts,because they were of a different color.DATEACCOUNT TITLESDEBApril25

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: 1. On April 20, KidsWare Co. purchased…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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1. On April 20, KidsWare Co. purchased 200 T-shirts at $3 each from Fine Thread Co., credit terms 3/10, n/30. 2- On April 22, KidsWear Co. and Fine Thread Co. agreed for reduction of $1 per unit in the price of 10 T-shirts that had a small defect but were not returned. 3. On April 25, KidsWare Co.returned to FineThreads Co. 30 T-shirts, because they were of a different color.

Journalize the following transactions.
1. On April 20, KidsWare Co.
purchased 200 T-shirts at $3 each
from Fine Thread Co., credit terms
3/10, n/30.
DATEACCOUNT TITLES
DEB
April
$
20
2. On April 22, KidsWare Co. and Fine
Thread Co. agreed for a reduction of $1
per unit in the price of 10 T-shirts that
had a small defect but were not
returned.
DATEACCOUNT TITLES
DEB
April
$
22

2. On April 22, KidsWare Co. and Fine
Thread Co. agreed for a reduction of $1
per unit in the price of 10 T-shirts that
had a small defect but were not
returned.
DATEACCOUNT TITLES
DEB
April
22
3. On April 25, KidsWare Co.returned
to Fine Threads Co. 30 T-shirts,
because they were of a different color.
DATEACCOUNT TITLES
DEB
April
25

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