Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 18

Purchase-related transactions
Journalize entries for the following related transactions of South Coast Heating Air Company:
a. Purchased $48,000 of merchandise from Atlas Co. on account, terms 1/10, n/30.
b. Paid the amount owed on the invoice within the discount period.
c. Discovered that $7,500 of the merchandise purchased in (a) was defective and returned items, receiving credit.
d. Purchased $6,000 of merchandise from Atlas Co. on account, terms n/30.
e. Received a refund from Atlas Co. for return in (c) less the purchase in (d).