4. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. On August 31, it purchased $45,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n 30. Prepare the appropriate journal to record the purchase of these tires for Megan Rubber and Tire Company. 5. Assume the facts in problem 4. Megan paid the invoice o September 2. Prepare the appropriate journal entry for Megan.

4. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. On August 31, it purchased $45,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n 30. Prepare the appropriate journal to record the purchase of these tires for Megan Rubber and Tire Company. 5. Assume the facts in problem 4. Megan paid the invoice o September 2. Prepare the appropriate journal entry for Megan.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EA: On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each...

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