d
Question 1 (9 points)
a
Alpha Company used the periodic inventory system for purchase & sales of
merchandise. Discount terms for both purchase & sales are, FOB Destination,
2/10, n30 and the gross method is used.
> Alpha Company purchased on account $2,600 of merchandise from Bravo
Company on May 2, 2016.
> Alpha Company returned, to Bravo Company, $300 of this merchandise on May
3, 2016.
> Freight charges related to this transaction of $150 were paid by Bravo
Company.
Use this information to prepare Alpha Company's compound General Journal entry
(without explanation) for the payment for merchandise on May 12. If no entry is
required then write "No Entry Required."
Alpha Company used the periodic inventory system for purchase & sales of
merchandise. Discount terms for both purchase & sales are, FOB Destination,
2/10, n30 and the gross method is used.
> Alpha Company purchased on account $2,550 of merchandise from Bravo
Company on May 2, 2016.
> Alpha Company returned, to Bravo Company, $200 of this merchandise on May
3, 2016.
> Freight charges related to this transaction of $150 were paid by Bravo
Company.
Use this information to prepare Alpha Company's General Journal entries (without
explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry
Required."
Format
B I U
.
General Journal:
Date
Accounts
Debit
Credit
Alpha Company used the periodic inventory system for purchase & sales of
merchandise. Discount terms for both purchase & sales are, FOB Destination,
2/10, n30 and the gross method is used.
> Alpha Company sold on account $2,500 of merchandise to Bravo Company on
May 2, 2016. Selling price was $4,000
> Bravo Company returned, to Alpha Company, $250 of this merchandise on May
3, 2016. Merchandise was sold for $400
> Freight charges related to this transaction of $150 were paid by Alpha
Company.
Use this information to prepare Alpha Company's compound General Journal entry
(without explanation) for the payment for merchandise on May 12. If no entry is
required then write "No Entry Required."
Format
BI U
General Journal:
Date
Accounts
Debit
Credit
A
FO
RX
Alpha Company used the periodic inventory system for purchase & sales of
merchandise. Discount terms for both purchase & sales are, FOB Destination,
2/10, n30 and the gross method is used.
> Alpha Company sold on account $2,500 of merchandise to Bravo Company on
May 2, 2016. Selling price was $4,000
> Bravo Company returned, to Alpha Company, $250 of this merchandise on May
3, 2016. Merchandise was sold for $400
> Freight charges related to this transaction of $150 were paid by Alpha
Company.
Use this information to prepare Alpha Company's General Journal entry (without
explanation) for the payment for merchandise on May 15. If no entry is required
then write "No Entry Required."
Format
B
I U
General Journal:
Date
Debit
Credit
Accounts
>
Alpha Company used the periodic inventory system for purchase & sales of
merchandise. Discount terms for both purchase & sales are, FOB Destination,
2/10, n30 and the net method is used.
> Alpha Company purchased on account $2,700 of merchandise from Bravo
Company on May 2, 2016.
> Alpha Company returned, to Bravo Company, $300 of this merchandise on May
3, 2016.
> Freight charges related to this transaction of $150 were paid by Bravo
Company.
Use this information to prepare Alpha Company's General Journal entries (without
explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry
Required."
Format
Β Ι Ο
General Journal:
Accounts
Debit
Date
Credit
RX
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