Information related to Pharoah Company is presented below.

a. On April 5, purchased merchandise on account from Riverbed Company for $28,800, terms 3/10, net/30, FOB shipping point.
b. On April 6, paid freight costs of $900 on merchandise purchased from Riverbed.
c. On April 7, purchased equipment on account for $29,000.
d. On April 8, returned $3,400 of merchandise to Riverbed Company.
e. On April 15, paid the amount due to Riverbed Company in full.

Required:
Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.

Question

05-03-2021
Business

Answered

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Information related to Pharoah Company is presented below.

a. On April 5, purchased merchandise on account from Riverbed Company for $28,800, terms 3/10, net/30, FOB shipping point.
b. On April 6, paid freight costs of $900 on merchandise purchased from Riverbed.
c. On April 7, purchased equipment on account for $29,000.
d. On April 8, returned $3,400 of merchandise to Riverbed Company.
e. On April 15, paid the amount due to Riverbed Company in full.

Required:
Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.

Sagot :

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