Accounting for Merchandise Inventory Purchases                                       Journalize the following transactions of Martinez Company for April in the journal page provided:                                       2022                   Apr 2 Purchased merchandise from Kershaw Co. $50,000, terms FOB shipping point, 1/10, net 30.                                     Apr 5 Purchased merchandise from Jansen Co. $30,000, terms FOB shipping point, 2/10, net 30.                   Jansen added $150 for the freight to the invoice to ship the product to Martinez.                                     Apr 6 Paid the freight of $200 for the purchase of the merchandise from Kershaw Co.                                     Apr 7 Returned $5,000 of merchandise to Jansen Co.                                     Apr 12 Paid the amount due to Kershaw Co.                                     Apr 28 Paid the amount due to Jansen Co.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Accounting for Merchandise Inventory Purchases                  
                   
Journalize the following transactions of Martinez Company for April in the journal page provided:                  
                   
2022                  
Apr 2 Purchased merchandise from Kershaw Co. $50,000, terms FOB shipping point, 1/10, net 30.                
                   
Apr 5 Purchased merchandise from Jansen Co. $30,000, terms FOB shipping point, 2/10, net 30.                
  Jansen added $150 for the freight to the invoice to ship the product to Martinez.                
                   
Apr 6 Paid the freight of $200 for the purchase of the merchandise from Kershaw Co.                
                   
Apr 7 Returned $5,000 of merchandise to Jansen Co.                
                   
Apr 12 Paid the amount due to Kershaw Co.                
                   
Apr 28 Paid the amount due to Jansen Co.                

 

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