Snudy AbroadS People Styles Inve ALEKS ngish Griffin Douglas

Snudy Abroad&S; People Styles Inve... ALEKS ngish Griffin Douglas Gradebook 7 Calender Question #8 Journalize the following transactions for Gonzales Company using the gross met of accounting for purchase discounts. Assume a perpetual inventory system. April 5 Purchased goods from Edwards Company on account, $6,500, terms 2/10, n/30 Apri 11 Returmed merchandise to Edwards Company that was previously purchased on account, $1,3010. April 16 Paid the amount due to Edwards Company Debit Choose one ox Clear Undo Help I don\'t know

Solution

Journal entries :

Date	accounts & explanation	debit	credit
Apr 5	Merchandise inventory a/c	6500
	Account payable-Edwards company a/c		6500
	(To record purchase goods)
Apr 11	Account payable-Edwards company a/c	1300
	Merchandise inventory a/c		1300
	(To record return of goods)
Apr 16	Account payable-Edwards company a/c	5200
	Cash a/c		5200
	(To record amount paid)