answer both they have different data tables Consider the fol

answer both they have different data tables

Consider the following transactions for Gaby Packing Supplies: 8 (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions assuming Gaby Packing Supplies uses the periodic inventory system. Explanations are not required, 2. What is the amount of net purchases? Requirement 1. Journalize the purchase transactions assuming Gaby Packing Supplies uses the periodic inventory system. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Apr. 10: Gaby Packing Supplies buys $156,000 worth of merchandise inventory on account with credit terms of 2/10, n/30. Date Accounts Data Table Apr. 10 Apr. 10 Gaby Packing Supplies buys $156,000 worth of merchandise inventory on account with credit terms of 2/10, n/30. 12 Gaby returns $16,000 of the merchandise to the vendor due to damage during shipment 19 Gaby paid the amount due, less the return and discount. Print Done

Solution

Journal Date Account Titles and Explanation Debit Credit April 10 Purchase 156,000 Accounts Payable 156,000 (To record purchase of goods on credit) April 12 Accounts Payable 16,000 Purchase Returns 16,000 (To record return of damage merchandise) April 19 Accounts Payable 140,000 Purchase Discount (140,000×2%) 2,800 Cash 137,200 (To record payment of purchase less discount and return)