Thatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms 2/10, n/30. 2: 4: Freight cost paid on March 1 purchase of Tk.50,000 by concerned party. Received Tk. 10,00,000 credit for defective cars returned to Blitz Inc. 9: Paid Blitz Inc. in full, less discount. Journalize the transactions for the month of March using the periodic inventory system (ignore explanations).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Thatcher Inc. had the following transactions:
March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms
2/10, n/30.
2:
Freight cost paid on March 1 purchase of Tk.50,000 by concerned party.
4: Received Tk.10,00,000 credit for defective cars returned to Blitz Inc.
9: Paid Blitz Inc. in full, less discount.
Journalize the transactions for the month of March using the periodic inventory system (ignore
explanations).
Transcribed Image Text:Thatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms 2/10, n/30. 2: Freight cost paid on March 1 purchase of Tk.50,000 by concerned party. 4: Received Tk.10,00,000 credit for defective cars returned to Blitz Inc. 9: Paid Blitz Inc. in full, less discount. Journalize the transactions for the month of March using the periodic inventory system (ignore explanations).
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