Record journal entries for the following purchase transactions of Flower Company.Oct. 13Purchased 82 bushels of flowers with cash for $1,400.Oct. 20Purchased 230 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20.Oct. 30Paid account in full from the October 20 purchase.If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

Sales discount = Purchase amount x discount rate = $6900 x 5% = $345

Answered: Record journal entries for the…

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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Record journal entries for the following purchase transactions of Flower Company.

Oct. 13	Purchased 82 bushels of flowers with cash for $1,400.
Oct. 20	Purchased 230 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20.
Oct. 30	Paid account in full from the October 20 purchase.

If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

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