Journalize the following transactions for the buyer, Martin Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. January 6 Purchased goods from Goldmark Company on account, $10,000, terms 4/10, n/30. January 12 Returned defective merchandise to Goldmark Company that was previously purchased on account, $2,000. January 16 Paid the amount due to Goldmark Company. Date Account Title Debit Credit X ?
Journalize the following transactions for the buyer, Martin Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. January 6 Purchased goods from Goldmark Company on account, $10,000, terms 4/10, n/30. January 12 Returned defective merchandise to Goldmark Company that was previously purchased on account, $2,000. January 16 Paid the amount due to Goldmark Company. Date Account Title Debit Credit X ?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5E
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