Dawson Enterprises uses the perpetual system to record inventory transactions. Dawson had the following transactions in April: a. On April 1, Dawson purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Dawson purchased merchandise on credit for $24,600 with terms 3/15, n/25. c. On April 9, Dawson paid for the purchase made on April 1. d. On April 25, Dawson paid for the merchandise purchased on April 2. Required: Prepare journal entries for these four transactions. If an amount box does not require an entry, leave it blank. April 1 April 2 April 9 Inventory Accounts Payable Inventory Accounts Payable Accounts Payable Sales Discounts April 25 Accounts Payable Cash X 21,900✔ 24,600 00.000 21,900 24,600 V 21,900 24,600 438 X 21,462 X 24,600 ✔

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Recording Purchases
Dawson Enterprises uses the perpetual system to record inventory transactions. Dawson had the following transactions in April:
a. On April 1, Dawson purchased merchandise on credit for $21,900 with terms 2/10, n/30.
b. On April 2, Dawson purchased merchandise on credit for $24,600 with terms 3/15, n/25.
c. On April 9, Dawson paid for the purchase made on April 1.
d. On April 25, Dawson paid for the merchandise purchased on April 2.
Required:
Prepare journal entries for these four transactions. If an amount box does not require an entry, leave it blank.
April 1
21,900 ✔
April 2
April 91
Inventory
Accounts Payable
Inventory
Accounts Payable
Accounts Payable
Sales Discounts
April 25 Accounts Payable
Cash
X
24,600 ✓
21,900
24,600 ✓
21,900
24,600
438 X
21,462 X
24,600
>
Transcribed Image Text:Recording Purchases Dawson Enterprises uses the perpetual system to record inventory transactions. Dawson had the following transactions in April: a. On April 1, Dawson purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Dawson purchased merchandise on credit for $24,600 with terms 3/15, n/25. c. On April 9, Dawson paid for the purchase made on April 1. d. On April 25, Dawson paid for the merchandise purchased on April 2. Required: Prepare journal entries for these four transactions. If an amount box does not require an entry, leave it blank. April 1 21,900 ✔ April 2 April 91 Inventory Accounts Payable Inventory Accounts Payable Accounts Payable Sales Discounts April 25 Accounts Payable Cash X 24,600 ✓ 21,900 24,600 ✓ 21,900 24,600 438 X 21,462 X 24,600 >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education