Alpha Company used the periodic inventory system for the purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n/30, and the gross method is used. 1. Alpha Company purchased on account $2,700 of merchandise from Bravo Company on May 2, 2016. 2. Alpha Company returned, to Bravo Company, $200 of this merchandise on May 3, 2016. 3. Freight charges related to this transaction $150 were paid by Bravo Company. I Use this information to prepare an Alpha Company's General Journal entry (without explanation) for the payment for merchandise on May 15.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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Alpha Company used the periodic inventory system for the purchase & sales of
merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10,
n/30, and the gross method is used.
1. Alpha Company purchased on account $2,700 of merchandise from Bravo Company
on May 2, 2016.
2. Alpha Company returned, to Bravo Company, $200 of this merchandise on May 3,
2016.
3. Freight charges related to this transaction $150 were paid by Bravo Company.
I
Use this information to prepare an Alpha Company's General Journal entry (without
explanation) for the payment for merchandise on May 15.
Transcribed Image Text:Alpha Company used the periodic inventory system for the purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n/30, and the gross method is used. 1. Alpha Company purchased on account $2,700 of merchandise from Bravo Company on May 2, 2016. 2. Alpha Company returned, to Bravo Company, $200 of this merchandise on May 3, 2016. 3. Freight charges related to this transaction $150 were paid by Bravo Company. I Use this information to prepare an Alpha Company's General Journal entry (without explanation) for the payment for merchandise on May 15.
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