I think it needs to be journalized Reineman Supply Company uses a periodic inven
ID: 2485300 • Letter: I
Question
I think it needs to be journalized Reineman Supply Company uses a periodic inventory system. During April, the following transactions and events occurred. Sept. 3 Purchased 80 backpacks at $25 each from Zuzu Company, terms 2/10, n/30; fob destination. Sept. 6 Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective. Sept. 9 Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30; cost of backpacks was $25 each; fob shipping point. Sept. 13 Paid Zuzu Company in full. Sept. 14 Granted an allowance to Bailey Books for 5 returned backpacks. Sept. 29 Received payment from Bailey Books for Sept. 9 sale.Explanation / Answer
Debit Credit Sep-03 Purchase A/C dr. 2,000 To Zuzu A/C 2,000 Sep-06 Zuzu A/C dr. 150 To Purchase return A/C 150 Sep-09 Bailey Books A/C dr. 630 To Sales A/C 630 Sep-13 Zuzu A/C dr. 1,850 To Cash A/C 1,813 To Discount A/C 37 Sep-14 Sales Return A/C dr. 210 To Bailey Books A/C 210 Sep-29 Cash A/C dr. 420 To Bailey Books A/C 420