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Presented below is information related to Emilie Co.
1. On April 5, purchased merchandise from De Ravin Company for $19,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $800 on merchandise purchased from De Ravin.3. On April 7, purchased equipment on account from Claire Littleton Mfg. Co. for $23,000.4. On April 8, returned merchandise, which cost $4,000, to De Ravin Company.5. On April 15, paid the amount due to De Ravin Company in full.
Instructions
(a) Prepare the journal entries to record these transactions on the books of Emilie Co. using a periodic inventory system.
(b) Assume that Emilie Co. paid the balance due to De Ravin Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
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