80.2K

Verified Solution

Link Copied!

Journal Entries for Purchase, Return, and Remittance-Periodic System On March 10, Horton Company purchased $29,000 worth of merchandise from James Company, terms 1/10, n/30. On March 12, Horton paid $270 freight on the shipment. On March 15, Horton returned $400 of merchandise for credit. Final payment was made to James on March 19. Horton Company uses the periodic inventory system. Required Prepare the journal entries that Horton should make on March 10, March 12, March 15, and March 19. GENERAL JOURNAL Description Date Mar. 10 12 15 19 Purchase of merchandise from James Company terms 1/10, n/30. Paid freight on James Company shipment. Returned goods to James Company. Cash Paid James Company amount due. OO Debit 0 0 10 0 0 0 O O O 0 0 Credit 0 0 0 0 0 0 10 0

Journal Entries for Purchase, Return, and Remittance-Periodic System On March 10, Horton Company purchased $29,000 worth of merchandise from James Company, terms 1/10,n/30. On March 12. Horton paid \$270 freight on the shipment. On March 15, Horton retumed $400 of merchandise for credit. Final payment was made to James on March 19. Horton Company uses the periodic inventory system. Required Prepare the journal entries that Horton should make on March 10. March 12. March 15, and March 19

Answer & Explanation Solved by verified expert

See Answer