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Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.


Nov. 5 Purchased 950 units of product at a cost of $12 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 40 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7

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Answer:

November 5, 202x, merchandise purchased on account, credit terms 5/10, n/60

Dr Merchandise inventory 11,400

    Cr Accounts payable 11,400

November 7, 202x, 40 defective units returned

Dr Accounts payable 480

    Cr Merchandise inventory 480

November 15, 202x, paid invoice within discount term

Dr Accounts payable 10,920

    Cr Cash 10,374

    Cr Purchase discounts 546

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