NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The company purchases merchandise for cash and on open account. In June 20X1, NewTech Medical Devices engaged in the following purchasing and ca payment activities: DATE 20x1 June 1 Issued Check 101 to purchase merchandise, $4,500. TRANSACTIONS 3 Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Concepts Corporation, Invoice 101 terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,680 from BioCenter Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less cash discount, Check 103. 15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Pa: Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $3,000. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280. COF from Now Concents Corporation, Invoice 108
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The company purchases merchandise for cash and on open account. In June 20X1, NewTech Medical Devices engaged in the following purchasing and ca payment activities: DATE 20x1 June 1 Issued Check 101 to purchase merchandise, $4,500. TRANSACTIONS 3 Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Concepts Corporation, Invoice 101 terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,680 from BioCenter Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less cash discount, Check 103. 15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Pa: Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $3,000. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280. COF from Now Concents Corporation, Invoice 108
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 8.4A (Static) Journalizing purchases and cash payment transactions. LO 8-1
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The company purchases
merchandise for cash and on open account. In June 20X1, NewTech Medical Devices engaged in the following purchasing and cash
payment activities:
DATE
TRANSACTIONS
20x1
June 1 Issued Check 101 to purchase merchandise, $4,500.
3 Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10, n/30.
5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Concepts Corporation, Invoice 1011;
terms 2/10, n/30.
9 Paid amount due tọ BioCenter Inc. for purchase of June 3, less discount, Check 102.
10 Received Credit Memorandum 227 from New Concepts Corporation fór damaged merchandise totaling $150 that was
returned; the goods were purchased on Invoice 1011, dated June 5.
11 Purchased merchandise for $1l,680 from BioCenter Inc., Invoice 612; terms 2/10, n/30.
14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the
cash discount, Check 103.
15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Park
Research, Invoice 1029, terms n/30.
20 Issued Check 104 to purchase merchandise, $3,000.
25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280.
30 Purchased merchandise for $3,200, plus a freight charge of $85', from New Concepts Corporation, Invoice 1080;
terms 2/10, n/30.
Required:
Journalize the transactions in a general journal.
Analyze:
What was the amount of trade discounts received on the June 15 purchase from Park Research?
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