Brief Exercise 13-1Blue Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Blue purchased $33,000 of inventory, terms 1/10, n/30, FOB shipping point. (2) Blue paid freight costs of $1,105.(b) On July 3, Blue returned damaged goods and received credit of $3,300.(c) On July 10, Blue paid for the goods. Prepare all necessary journal entries for Blue. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.DateAccount Titles and ExplanationDebitCredit(a) (1) (a) (2) (b) (c)
Brief Exercise 13-1
Blue Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.
(a) On July 1, (1) Blue purchased $33,000 of inventory, terms 1/10, n/30, FOB shipping point. (2) Blue paid freight costs of $1,105.
(b) On July 3, Blue returned damaged goods and received credit of $3,300.
(c) On July 10, Blue paid for the goods.
Prepare all necessary
No.
Date
Account Titles and Explanation
Debit
Credit
(a) (1)
(a) (2)
(b)
(c)
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