FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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