he 1 Purchased merchandise with a price of $830 and credit terms of n/45. ne 9 Received a $88 allowance (for scratched merchandise) toward the June 1 purcha 16 Paid the amount due from the June 1 purchase, minus the June 9 allowance.

he 1 Purchased merchandise with a price of $830 and credit terms of n/45. ne 9 Received a $88 allowance (for scratched merchandise) toward the June 1 purcha 16 Paid the amount due from the June 1 purchase, minus the June 9 allowance.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 1CP

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Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a
perpetual inventory system.
June 1 Purchased merchandise with a price of $830 and credit terms of n/45.
June 9 Received a $88 allowance (for scratched merchandise) toward the June 1 purchase.
July 16 Paid the amount due from the June 1 purchase, minus the June 9 allowance.
View transaction list
Journal entry worksheet
1
2
3
Purchased merchandise with a price of $830 and credit terms of n/45.
Date
June 01
Note: Enter debits before credits.
General Journal
Debit
Check my work
Credit

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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