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damaskus [11]
3 years ago
7

Journalize the following transactions for the buyer, Brooks Company, using the gross method to account for purchase discounts. A

ssume a perpetual inventory system.
a. November 6 Purchased merchandise from Nelson Company on account, $10,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $450.
b. November 12 Returned to Nelson Company merchandise previously purchased on account, $2,300.
c. November 16 Paid the amount due to Nelson Company.
Business
1 answer:
Scorpion4ik [409]3 years ago
8 0

Answer:

Brooks Company

Journal Entries

a. November 6:

Debit Inventory $10,000

Credit Accounts Payable (Nelson Company) $10,000

To record the purchase of goods on account, terms 4/10, n/30.

b. November 12:

Debit Accounts Payable (Nelson Company) $2,300

Credit Inventory $2,300

To record the return of goods.

c. November 16:

Debit Accounts Payable (Nelson Company) $7,700

Credit Cash Discount $308

Credit Cash Account $7,392

To record the payment of cash on account.

Explanation:

Brooks Company uses Journal entries to record its business transactions as they occur on a daily basis.  Journal entries identify the accounts to be debited and the accounts to be credited as they will appear in the general ledger.

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Freight-in and purchase returns and allowance are not deducted from purchases to determine the net delivered cost of purchases.
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Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.

The statement "<span>Freight-in and purchase returns and allowance are not deducted from purchases to determine the net delivered cost of purchases. " is true </span>
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Informal peacemaking and mediation are characterized on the continuum as having __________ personal control by disputants, where
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high; low.

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3 years ago
A proposed new project has projected sales of $132,000, costs of $66,000, and depreciation of $13,500. The tax rate is 30%. Calc
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