Purchase-Related Transactions Journalize entries for the following related transactions of Greenville Heating & Air Company: If an amount box does not require an entry, leave it blank. a. Purchased $24,000 of merchandise from Foster Co. on account, terms 2/10, n/30. fill in the blank 9546a7fcdff6053_2 fill in the blank 9546a7fcdff6053_3 fill in the blank 9546a7fcdff6053_5 fill in the blank 9546a7fcdff6053_6 b. Paid the amount owed on the invoice within the discount period. fill in the blank 208338fa001ef91_2 fill in the blank 208338fa001ef91_3 fill in the blank 208338fa001ef91_5 fill in the blank 208338fa001ef91_6 c. Discovered that $4,800 of the merchandise purchased in (a) was defective and returned items, receiving credit for $4,704 [$4,800 – ($4,800 × 2%)] fill in the blank 0c1296034072fc0_2 fill in the blank 0c1296034072fc0_3 fill in the blank 0c1296034072fc0_5 fill in the blank 0c1296034072fc0_6 d. Purchased $3,800 of merchandise from Foster Co. on account, terms n/30. fill in the blank dace2efc1fe804c_2 fill in the blank dace2efc1fe804c_3 fill in the blank dace2efc1fe804c_5 fill in the blank dace2efc1fe804c_6 e. Received a refund from Foster Co. for return in (c) less the purchase in (d). fill in the blank ed488c03dfd704a_2 fill in the blank ed488c03dfd704a_3 fill in the blank ed488c03dfd704a_5 fill in the blank ed488c03dfd704a_

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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Purchase-Related Transactions

Journalize entries for the following related transactions of Greenville Heating & Air Company: If an amount box does not require an entry, leave it blank.

a. Purchased $24,000 of merchandise from Foster Co. on account, terms 2/10, n/30.

		fill in the blank 9546a7fcdff6053_2	fill in the blank 9546a7fcdff6053_3
		fill in the blank 9546a7fcdff6053_5	fill in the blank 9546a7fcdff6053_6

b. Paid the amount owed on the invoice within the discount period.

		fill in the blank 208338fa001ef91_2	fill in the blank 208338fa001ef91_3
		fill in the blank 208338fa001ef91_5	fill in the blank 208338fa001ef91_6

c. Discovered that $4,800 of the merchandise purchased in (a) was defective and returned items, receiving credit for $4,704 [$4,800 – ($4,800 × 2%)]

		fill in the blank 0c1296034072fc0_2	fill in the blank 0c1296034072fc0_3
		fill in the blank 0c1296034072fc0_5	fill in the blank 0c1296034072fc0_6

d. Purchased $3,800 of merchandise from Foster Co. on account, terms n/30.

		fill in the blank dace2efc1fe804c_2	fill in the blank dace2efc1fe804c_3
		fill in the blank dace2efc1fe804c_5	fill in the blank dace2efc1fe804c_6

e. Received a refund from Foster Co. for return in (c) less the purchase in (d).

		fill in the blank ed488c03dfd704a_2	fill in the blank ed488c03dfd704a_3
		fill in the blank ed488c03dfd704a_5	fill in the blank ed488c03dfd704a_6

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Journal is the book whick keeps the record of daily day to day transaction.

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