Question this information relates to alfie co1 on april 5, Ask an Expert

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Question: This information relates to Alfie Co.

1. On April 5, purchased merchandise from Bach Company for $27,000, terms 2/10, n/30.

2. On April 6, paid freight costs of $1,200 on merchandise purchased from Bach Company.

3. On April 7, purchased equipment on account for $30,000.

4. On April 8, returned some of the April 5 merchandise to Bach Company, which cost $3,600.

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

Instructions: (a) Prepare the journal entries to record these transactions on the books of Alfie Co. using a periodic inventory system.

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92655446

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