12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 5, Problem S5B.14SE

Journalizing purchase transactions—periodic inventory system

Learning Objective 8 ßAppendix5B Chapter 5, Problem S5B.14SE, Journalizing purchase transactions—periodic inventory system Learning Objective 8 ßAppendix5B

Consider the following transactions for Garman Packing Supplies:

__________________________________________________________________________________
Apr.10
Garman Packing Supplies buys $175.000 worth of merchandise inventory on account with credit terms of 1110, n/30.
12 Garman returns $15.200 of the merchandise to the vendor due to damage during shipment.
19 Garman paid the amount due, less the return and discount.

___________________________________________________________________________________

Requirements
1. Journalize the purchase transactions assuming Garman Packing Supplies uses the periodic inventory system. Explanations are not required.
2. What is the amount of net purchases?

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Chapter 5, Problem S5A.13SE

Chapter 5, Problem S5B.15SE

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