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31 October, 19:18

Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30. During the discount period, Karns returned some merchandise and paid S1S6.800 as payment in full. Karns uses a perpetual inventory system.

a. Prepare the journal entries that Karns Company made to record:

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  1. 31 October, 19:21
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    Karns Company

    Perpetual inventory system

    1) Merchandise Inventory $174,000 Dr.

    Account Payable $ 174,000 Cr

    Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30

    2) Account Payable $ 6,800 Dr.

    Merchandise Inventory $ 6,800 Cr.

    Karns returned some merchandise and paid S1S6.800 as payment in full
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Home » Business » Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30. During the discount period, Karns returned some merchandise and paid S1S6.800 as payment in full.
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