Information related to Almond Company is presented below. 1. On 5 April, purchased merchandise from...
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Accounting
Information related to Almond Company is presented below. 1. On 5 April, purchased merchandise from Morris Company for $30,500, terms 3/10, net/30, FOB shipping point. 2. On 6 April, paid freight costs of $940 on merchandise purchased from Morris. 3. On 7 April, purchased equipment on account for $33,600. 4. On 8 April, returned damaged merchandise to Morris Company and was granted a $7,000 credit for returned merchandise. 5. On 15 April, paid the amount due to Morris Company in full. (a) Prepare the journal entries to record these transactions on the books of Almond Company under a perpetual inventory system
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