Record the following purchase transactions of Money Office Supplies.Aug. 3Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3.Aug. 7Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination.Aug. 12Money Office Supplies pays in full for their purchase on August 3.If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.Aug. 3 PurchaseAug. 3 Shipping chargesAug. 7 Purchase with cashAug. 12 Payment Record the following purchase transactions of Money Office Supplies.Aug. 3Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair andare not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3.Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chairand are not subject to discount. Terms of the purchase are FOB Destination.Aug. 12 Money Office Supplies pays in full for their purchase on August 3.If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.Aug. 3 PurchaseAug. 3 Shipping chargesAug. 7 Purchase with cashAug. 12 Payment

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: Record the following purchase…

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 the following purchase transactions of Money Office Supplies.

Aug. 3	Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3.
Aug. 7	Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination.
Aug. 12	Money Office Supplies pays in full for their purchase on August 3.

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

Aug. 3 Purchase

Aug. 3 Shipping charges

Aug. 7 Purchase with cash

Aug. 12 Payment

Record the following purchase transactions of Money Office Supplies.
Aug. 3
Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and
are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3.
Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair
and are not subject to discount. Terms of the purchase are FOB Destination.
Aug. 12 Money Office Supplies pays in full for their purchase on August 3.
If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Aug. 3 Purchase
Aug. 3 Shipping charges
Aug. 7 Purchase with cash
Aug. 12 Payment

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