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Prepare the journal entry to record this payment

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Reference no: EM131143870

Information related to Steffens Co. is presented below.

1. On April 5, purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point.

2. On April 6 paid freight costs of $900 on merchandise purchased from Bryant.

3. On April 7, purchased equipment on account for $26,000.

4. On April 8, returned damaged merchandise to Bryant Company and was granted a $4,000 credit for returned merchandise.

5. On April 15 paid the amount due to Bryant Company in full.

Instructions

(a) Prepare the journal entries to record these transactions on the books of Steffens Co. under a perpetual inventory system.

(b) Assume that Steffens Co. paid the balance due to Bryant Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Reference no: EM131143870

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