FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Record the following transactions related to purchases for Horston's Art Supplies using the general journal form provided below. Assume Horston's uses a periodic inventory system. Omit transaction descriptions from entries.
Date
Transaction
Sept.
1 Purchased $8,000 of merchandise on account, FOB destination, n/30.
3 Returned $1,000 of merchandise purchased on September 1 due to defects.
7 Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30. Prepaid freight of $75 was added to the invoice.
14 Paid for the merchandise purchased on September 7, less discount.
20 Paid for merchandise purchased on September 1, less return.
If an amount box does not require an entry, leave it blank.
Sept. 1
Sept. 3
Sept. 7
Sept. 14
Sept. 30
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Transcribed Image Text:Record the following transactions related to purchases for Horston's Art Supplies using the general journal form provided below. Assume Horston's uses a periodic inventory system. Omit transaction descriptions from entries. Date Transaction Sept. 1 Purchased $8,000 of merchandise on account, FOB destination, n/30. 3 Returned $1,000 of merchandise purchased on September 1 due to defects. 7 Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30. Prepaid freight of $75 was added to the invoice. 14 Paid for the merchandise purchased on September 7, less discount. 20 Paid for merchandise purchased on September 1, less return. If an amount box does not require an entry, leave it blank. Sept. 1 Sept. 3 Sept. 7 Sept. 14 Sept. 30
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