Answer:
Explanation:
The journal entries are shown below:
On April 5
Inventory A/c Dr $23,000
To Account payable A/c $23,000
(Being the inventory purchased is recorded)
On April 6
Inventory A/c Dr $900
To Cash A/c $900
(Being the freight cost is paid)
On April 7
Equipment A/c Dr $26,000
To Account payable A/c $26,000
(Being the equipment is purchased on credit)
On April 8
Account payable A/c Dr $3,000
To Inventory A/c $3,000
(Being the returned inventory is recorded)
On April 15
Account payable A/c Dr $20,000 ($23,000 - $3,000)
To Inventory A/c $400 ($20,000 × 2%)
To Cash A/c $19,600
(Being the amount due is paid)
