lled at $11,500 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $13,000 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30. (a)
lled at $11,500 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $13,000 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30. (a)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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Presented below are transactions related to Bonita, Inc. Bonita uses the periodic inventory method.
| May 10 | Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/60. | |
| 11 | Purchased goods billed at $13,000 subject to terms of 1/15, n/30. | |
| 19 | Paid invoice of May 10. | |
| 24 | Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30. |
(a)
Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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