N Data Account Te Debit Journalize the following transactions for Cox Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 7 Purchased goods from Bryant Company on account, $5,200, terms 1/10, n/30. October 13 Returned merchandise to Bryant Company that was previously purchased on account, $1,300. October 18 Paid the amount due to Bryant Company. Credit 10 AX 11 12 13 14

N Data Account Te Debit Journalize the following transactions for Cox Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 7 Purchased goods from Bryant Company on account, $5,200, terms 1/10, n/30. October 13 Returned merchandise to Bryant Company that was previously purchased on account, $1,300. October 18 Paid the amount due to Bryant Company. Credit 10 AX 11 12 13 14

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Description: 2Data5Account Te6Debit7Credit8910Journalize the following transactions for Cox Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system.October 7 Purchased goods from Bryant Company on account, $5,200,

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

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Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
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