Exercise Algorithmic
Recording Purchases
Dawson Enterprises uses the perpetual system to record inventory transactions. In a recent month, Dawson engaged in the following transactions:
a On April Dawson purchased merchandise on credit for $ with terms
b On April Dawson purchased merchandise on credit for $ with terms n
c On April Dawson paid for the purchase made on April
d On April Dawson paid for the merchandise purchased on April
Required:
Prepare journal entries for these four transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Apr.
Purchased inventory on credit
Apr.
Purchased inventory on credit
Apr.
Paid within the discount period
