Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Apr 2018 My Price 6.00

Alfie Co

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.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Apr 2018 08:04 PM My Price 6.00

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