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 ✔
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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
>
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