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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 4
Journalizing periodic transactions
On April 30, Fire Ice Jewelers purchased inventory of $7,200 on account from Ruby Jewels, a jewelry importer. Terms were 3/15, net 45. On receiving the goods, Fire Ice checked the order and found $600 of unsuitable merchandise. Therefore, Fire Ice returned $600 of merchandise to Ruby on May 4.
On May 14, Fire Ice paid the net amount owed from April 30, less the return.
Requirement
1. Journalize indicated transactions of Ruby Jewels. Use the periodic inventory system. Explanations are not required.
On April 30, Fire Ice Jewelers purchased inventory of $7,200 on account from Ruby Jewels, a jewelry importer. Terms were 3/15, net 45. On receiving the goods, Fire Ice checked the order and found $600 of unsuitable merchandise. Therefore, Fire Ice returned $600 of merchandise to Ruby on May 4.
On May 14, Fire Ice paid the net amount owed from April 30, less the return.
Requirement
1. Journalize indicated transactions of Ruby Jewels. Use the periodic inventory system. Explanations are not required.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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