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Flint Corp. uses a perpetual inventory system. The company had the following inventory transactions in April. April 3 Purchased merchandise from DeVito Ltd. for $25,000, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $700 on the merchandise purchased on April 3. Purchased supplies on account for $5,900. Returned merchandise to DeVito and received a credit of $3,000. The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. 6 Apr. 3 7 30 Apr. 6 8 Record the above transactions on Flint's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Flint Corp. uses a perpetual inventory system. The company had the following inventory transactions in April. April 3 Purchased merchandise from DeVito Ltd. for $25,000, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $700 on the merchandise purchased on April 3. Purchased supplies on account for $5,900. Returned merchandise to DeVito and received a credit of $3,000. The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. 6 Apr. 3 7 30 Apr. 6 8 Record the above transactions on Flint's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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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Flint Corp. uses a perpetual inventory system. The company had the following inventory transactions in April. April 3 Purchased merchandise from DeVito Ltd. for $25,000, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $700 on the merchandise purchased on April 3. Purchased supplies on account for $5,900. Returned merchandise to DeVito and received a credit of $3,000. The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. 6 Apr. 3 7 30 Apr. 6 8 Record the above transactions on Flint's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:Flint Corp. uses a perpetual inventory system. The company had the following inventory transactions in April. April 3 Purchased merchandise from DeVito Ltd. for $25,000, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $700 on the merchandise purchased on April 3. Purchased supplies on account for $5,900. Returned merchandise to DeVito and received a credit of $3,000. The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. 6 Apr. 3 7 30 Apr. 6 8 Record the above transactions on Flint's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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