Some of the transactions of Kingbird Company during August are listed below. Kingbird uses the...
Question:
Some of the transactions of Kingbird Company during August are listed below. Kingbird uses the periodic inventory method.
| August | 10 | Purchased merchandise on account, $10,700, terms 2/10, n/30. |
| 13 | Returned part of the purchase of August 10, $1,300, and received credit on account. | |
| 15 | Purchased merchandise on account, $14,800, terms 1/ 10, n/60. | |
| 25 | Purchased merchandise on account, $18,900, terms 2/10, n/30 | |
| 28 | Paid invoice of August 15 in full |
Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken prepare general journal entries to record the transactions.
What Are Accounts Payable:
Accounts Payable are reported as a current liability on the balance sheet. It reflects the amounts payable to suppliers for day to day operational purchases, for instance the purchasing of inventory on account.
Answer and Explanation: 1
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View this answerAugust 10:
| Account | Dr | Cr |
|---|---|---|
| Inventory | 10,700 | |
| Accounts payable | 10,700 |
August 13:
| Account | Dr | Cr |
|---|---|---|
| Accounts payable | 1,300 | |
| Inventory | 1,300 |
August 15:
| Account | Dr | ... |
|---|
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What Are Accounts Payable? - Definition & Examples
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