Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Sot
Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Sot
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
E5-20 Journalizing purchase transactions
Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required.
Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point.
Paid freight charges, $400.
Returned $600 of inventory to Silk.
Paid Sanders Diamonds, less return.
Purchased inventory of $3,500 on account from Sothboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination.
Received a $300 allowance from Southboro Diamonds for damaged but usable goods.
Paid Sandra Diamonds, less allowance and discount.
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