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28 January, 04:15

Record the following transactions of Fronke's Fashions in a general journal:

April 1 Purchased merchandise for cash, $2,310.

2 Returned merchandise for cash purchased on April 1; received a cash refund of $218.

4 Purchased merchandise on credit from Breit Distributors, Invoice 125, $871, terms n/30; freight of $46 prepaid by Breit Distributors and added to the invoice.

7 Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $58.

30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458.

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  1. 28 January, 04:34
    0
    Fronke's Fashions

    General Journal:

    April 1:

    Debit Purchases $2,310

    Credit Cash Account $2,310

    To record purchase of merchandise for cash.

    April 2:

    Debit Cash Account $218

    Credit Purchases Returns $218

    To record return of merchandise for cash.

    April 4:

    Debit Purchases $825

    Debit Freight-in $46

    Credit Accounts Payable (Breit Distributors) $871

    To record purchase of merchandise on credit, Invoice 125, terms n/30

    April 7:

    Debit Accounts Payable (Breit Distributors) $58

    Credit Purchases Returns $58

    To record return of damaged merchandise, Credit Memo 202.

    April 30:

    Debit Accounts Payable (Breit Distributors) $813

    Credit Cash Account $813

    To record payment of amount due via Check 1458.

    Explanation:

    Journal entries are made to record business transactions as they occur on a daily basis. The journal is the first accounting record kept about a transaction. It shows the account that will be debited or credited in the General Ledger.
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