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Prepare all necessary journal entries for kingbird

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Reference no: EM133121169

Question - Kingbird Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.

(a) On July 1, (1) Kingbird purchased $77,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Kingbird paid freight costs of $1,111.

(b) On July 3, Kingbird returned damaged goods and received credit of $7,700.

(c) On July 10, Kingbird paid for the goods.

Required - Prepare all necessary journal entries for Kingbird.

Reference no: EM133121169

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