A company had the following transactions during January:
$$\begin{array} { | l | l | }
\hline \text { Jan. } 2 & \text { Purchased merchandise, invoice price of } \$ 16,000 , \text { with terms } 2 / 10 , \mathrm { n } / 30 \
\hline 4& \begin{array} { l }
\text { Received a credit memorandum for } \$ 4,000 , \text { the invoice price on } \
\text { merchandise returned from the purchase of January } 2 .
\end{array} \
\hline 12 & \text { Purchased merchandise, invoice price of } \$ 15,000 , \text { with terms } 3 / 15 , \mathrm { n } / 30 \
\hline 26 & \text { Paid for the merchandise purchased on January } 12 \
\hline 30 & \text { Paid for the merchandise purchased on January } 2 . \
\hline
\end{array}$$
Using the net method of recording purchases,prepare the journal entries to record these January transactions.

Question

A company had the following transactions during January:
 $$\begin{array} { | l | l | } 
\hline \text { Jan. } 2 & \text { Purchased merchandise, invoice price of } \$ 16,000 , \text { with terms } 2 / 10 , \mathrm { n } / 30 \
\hline 4& \begin{array} { l } 
\text { Received a credit memorandum for } \$ 4,000 , \text { the invoice price on } \
\text { merchandise returned from the purchase of January } 2 .
\end{array} \
\hline 12 & \text { Purchased merchandise, invoice price of } \$ 15,000 , \text { with terms } 3 / 15 , \mathrm { n } / 30 \
\hline 26 & \text { Paid for the merchandise purchased on January } 12 \
\hline 30 & \text { Paid for the merchandise purchased on January } 2 . \
\hline
\end{array}$$ 
Using the net method of recording purchases,prepare the journal entries to record these January transactions.

Quizplus · Accepted Answer

The Answer of A company had the following transactions during January:
 $$\begin{array} { | l | l | } 
\hline \text { Jan. } 2 & \text { Purchased merchandise, invoice price of } \$ 16,000 , \text { with terms } 2 / 10 , \mathrm { n } / 30 \
\hline 4& \begin{array} { l } 
\text { Received a credit memorandum for } \$ 4,000 , \text { the invoice price on } \
\text { merchandise returned from the purchase of January } 2 .
\end{array} \
\hline 12 & \text { Purchased merchandise, invoice price of } \$ 15,000 , \text { with terms } 3 / 15 , \mathrm { n } / 30 \
\hline 26 & \text { Paid for the merchandise purchased on January } 12 \
\hline 30 & \text { Paid for the merchandise purchased on January } 2 . \
\hline
\end{array}$$ 
Using the net method of recording purchases,prepare the journal entries to record these January transactions.

A Company Had the Following Transactions During January Using the Net Method of Recording Purchases,prepare the Journal Entries