Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Journalizing purchase transactions from an invoiceKingston Tires received the following invoice from a supplier (Fields Distribution, Inc);RequirementsJournalize the transaction required by Kingston Tires on September 23, 2018. Do not round numbers to the nearest whole dollar. Assume tires are purchased on account.Journalize the return on Kingston’s books on September 28, 2018, of the D39–X4 Radials, which were ordered by mistake. Do not round numbers to the nearest Whole dollar.Journalize the payment on October 1, 2018, to Fields Distribution, Inc. Do not round numbers to the nearest whole dollar. FIELDS DISTRIBUTION, INC.7290 S. Prospect StreetRavenna, OH 44266Invoice date: September 23, 2018Sold to: Kingston TiresPayment terms: 1/10, n/306678 Diamond AvenueRavenna, OH 44266QuantityShippedDescriptionPriceAmountD39-X4 RadialsM223 Belted-biasQ92 Truck tires$38.1242.8458.124$152.48428.4010348.72Total$929.60Due date:Amount:October 3, 2018$920.30October 4 through October 23, 2018$929.60

Name: Assume the perpetual inventory; system is used unless stated otherwise
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Description: Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Journalizing purchase transactions from an invoiceKingston Tires received the following invoice from a suppl

Answered: FIELDS DISTRIBUTION, INC. 7290 S.…

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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Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.

Journalizing purchase transactions from an invoice

Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc);

Requirements

Journalize the transaction required by Kingston Tires on September 23, 2018. Do not round numbers to the nearest whole dollar. Assume tires are purchased on account.
Journalize the return on Kingston’s books on September 28, 2018, of the D39–X4 Radials, which were ordered by mistake. Do not round numbers to the nearest Whole dollar.
Journalize the payment on October 1, 2018, to Fields Distribution, Inc. Do not round numbers to the nearest whole dollar.

FIELDS DISTRIBUTION, INC.
7290 S. Prospect Street
Ravenna, OH 44266
Invoice date: September 23, 2018
Sold to: Kingston Tires
Payment terms: 1/10, n/30
6678 Diamond Avenue
Ravenna, OH 44266
Quantity
Shipped
Description
Price
Amount
D39-X4 Radials
M223 Belted-bias
Q92 Truck tires
$38.12
42.84
58.12
4
$152.48
428.40
10
348.72
Total
$929.60
Due date:
Amount:
October 3, 2018
$920.30
October 4 through October 23, 2018
$929.60

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