Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts On July 1, Zorzi purchased $60,000 inventory, terms 2/10, n/30 FOB shipping point. Zorzi paid freight costs of $1.200. On July 3, Zorzi returned damaged goods and received a credit of S6.000 On July 10 Zorzi paid for the goods. Prepare the Journal Entries for the Purchase of Inventory O Inventory Accounts Payable O Inventory S60 000 S60 000 $60 000 Cash $60 000 O Purchases Accounts Payable O Purchases Cash $60 000 $60 000 S60 000 S60 000

Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts On July 1, Zorzi purchased $60,000 inventory, terms 2/10, n/30 FOB shipping point. Zorzi paid freight costs of $1.200. On July 3, Zorzi returned damaged goods and received a credit of S6.000 On July 10 Zorzi paid for the goods. Prepare the Journal Entries for the Purchase of Inventory O Inventory Accounts Payable O Inventory S60 000 S60 000 $60 000 Cash $60 000 O Purchases Accounts Payable O Purchases Cash $60 000 $60 000 S60 000 S60 000

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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