Question
prepare the journal entries to record these transactions on hirut company's books using a periodic inventory system
A on march 2 hirut company purchased $ 900,000 of merhaindise from ABC companey terms2/10 n/30
B on march 6 hirut company returned $18,000 of the merchaindise purchased on match 2
C on march 12 hirut company paid there balance due yo ABC company .
A on march 2 hirut company purchased $ 900,000 of merhaindise from ABC companey terms2/10 n/30
B on march 6 hirut company returned $18,000 of the merchaindise purchased on match 2
C on march 12 hirut company paid there balance due yo ABC company .
Answers
GPT 3.5
March 2:
Merchandise Inventory 900,000
Accounts Payable 900,000
To record the purchase of merchandise from ABC Company.
March 6:
Accounts Payable 18,000
Merchandise Inventory 18,000
To record the return of merchandise purchased from ABC Company on March 2.
March 12:
Accounts Payable 882,000
Cash 882,000
To record the payment of the balance due to ABC Company.
Merchandise Inventory 900,000
Accounts Payable 900,000
To record the purchase of merchandise from ABC Company.
March 6:
Accounts Payable 18,000
Merchandise Inventory 18,000
To record the return of merchandise purchased from ABC Company on March 2.
March 12:
Accounts Payable 882,000
Cash 882,000
To record the payment of the balance due to ABC Company.