Prepare the journal entries to record purchase transactions
Course:- Accounting Basics
Reference No.:- EM131810919

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Question - Prepare the journal entries to record the following purchase transactions in Flint Inc.'s books. Flint uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)

Jan. 2Flint purchased goods for $42,800 from Fundy Corp., terms 2/10, n/45, FOB destination.

5The appropriate company paid freight costs of $900.

6 Flint returned $6,500 of the goods purchased on January 2, because they were not needed.

11 Flint paid the balance owed to Fundy.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
The other part of the money required at retirement can be funded by investing the salary over and above the current expenses along with the given portfolio for the next 8 ye
All the journal entries necessary to record these transactions, and identify the fund( s) used. Also prepareA statement of revenues expenses, and changes in net position for t
Tim often uses the home for entertaining customers, suppliers, and employees. The fair market value of comparable housing is $9,000 per month. Tim is also provided with fr
What should Quinn report on its 2007 income statement as a result of the increase in fair value of the investments in 2007?
Prepare the appropriate journal entries to record the gain and loss. How do this gain and loss affect Travis' income statement, statement of comprehensive income, and balance
Compare and contrast sole proprietorships and partnerships - organization, operation and taxation. Be sure to organize your answer so that you address each of the aspects of
During a social event, Muriel and Earl are discussing the home computer each recently purchased. Although the computers are identical makes and models, Muriel is surprised t
Prepare the journal entries to record pension expense and funding of plan assets for the year. Prepare the journal entry/ies to record any gains or losses for the year. Comple