Special journals: Buyer’s entries

30 Sep No Comments

Special journals: Buyer’s entries

W.J. Company uses the gross method of recording purchases of merchandise. It also uses the perpetual inventory system.

Transaction:

On September 20, W. J. Co. returned defective merchandise to Cellar Company for credit. W.J. Co. had paid $1,446 for the defective merchandise.

Required:

(a) Select the appropriate special journal in which the transaction should be entered.

(b) Enter the transaction in that journal.

Special journals: Buyer’s entries

W.J. Company uses the gross method of recording purchases of merchandise. It also uses the perpetual inventory system.

Transaction:

On June 13, W. J. Co. paid the amount due to Cellar Company on account, check # 1007. W. J. Co. had previously purchased goods on account for $14,000, with terms 3/10, n/30, and the company is paying within the discount period. There were no returns related to this purchase.

Required:

(a) Select the appropriate special journal in which the transaction should be entered.

(b) Enter the transaction in that journal.

Special journals: Buyer’s entries

W.J. Company uses the gross method of recording purchases of merchandise. It also uses the perpetual inventory system.

Transaction:

On January 19, W. J. Co. purchased store supplies on account from Susie Supplies at a cost of $840.

Required:

(a) Select the appropriate special journal in which the transaction should be entered.

(b) Enter the transaction in that journal.




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