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 ✔

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

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