Ask Question
19 January, 01:32

Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30. During the discount period, Karns returned some merchandise and paid S1S6.800 as payment in full. Karns uses a perpetual inventory system.

a. Prepare the journal entries that Karns Company made to record:

+1
Answers (1)
  1. 19 January, 03:51
    0
    Karns Company

    Perpetual inventory system

    1) Merchandise Inventory $174,000 Dr.

    Account Payable $ 174,000 Cr

    Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30

    2) Account Payable $ 6,800 Dr.

    Merchandise Inventory $ 6,800 Cr.

    Karns returned some merchandise and paid S1S6.800 as payment in full
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30. During the discount ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers