Answer:
a.
Merchandise Inventory 64,300
Accounts Payable—Sombrero Co. 64,300
b.
Accounts Payable—Sombrero Co. 13,300
Merchandise Inventory 13,300
c.
Accounts Payable—Sombrero Co. 51,000
Cash 49,980
Merchandise Inventory 1,020
EX 6-15 Purchase-related transactions
Based on the data presented in Exercise 6-14, journalize Belarus Co.’s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice within the discount period.
Answer:
a.
Merchandise Inventory 64,300
Accounts Payable—Sombrero Co. 64,300
b.
Accounts Payable—Sombrero Co. 13,300
Merchandise Inventory 13,300
c.
Accounts Payable—Sombrero Co. 51,000
Cash 49,980
Merchandise Inventory 1,020
Answer:
a.
Merchandise Inventory 64,300
Accounts Payable—Sombrero Co. 64,300
b.
Accounts Payable—Sombrero Co. 13,300
Merchandise Inventory 13,300
c.
Accounts Payable—Sombrero Co. 51,000
Cash 49,980
Merchandise Inventory 1,020