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 $23,400 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.
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 $23,400 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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter11A: The Net-price Method Of Recording Purchases
Section: Chapter Questions
Problem 1SEA: PURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE METHODS Romeros Heating and Cooling had the following...
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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 $23,400 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
Inventory
Accounts Payable
April 2
Inventory
Accounts Payable
April 9
Accounts Payable
Cash
Inventory
April 25 Accounts Payable
Cash
Feedback
Check My Work
From the buyer's perspective, the historical cost principle implies that inventory cost will include the purchase price of the inventory plus any cost of bringing the goo
nondition and loontion
Prew
Check My Work](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ee23dde-65c2-4c55-8c80-f78c19433301%2Feb9d53bf-b865-4055-b781-f4eed33763a7%2Fu0a4pi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:еВook
Show Me How
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 $23,400 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
Inventory
Accounts Payable
April 2
Inventory
Accounts Payable
April 9
Accounts Payable
Cash
Inventory
April 25 Accounts Payable
Cash
Feedback
Check My Work
From the buyer's perspective, the historical cost principle implies that inventory cost will include the purchase price of the inventory plus any cost of bringing the goo
nondition and loontion
Prew
Check My Work
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