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Purchase-Related Transactions The debits and credits from four related transactions are presented in the following T accounts. Cash Accounts...

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Accounting

Purchase-Related Transactions

The debits and credits from four related transactions arepresented in the following T accounts.

CashAccounts Payable
  (2)300  (3)3,920  (1)20,580  
  (4)16,660  (4)16,660
Inventory
(1)20,580  (3)3,920  
(2)300  

Describe each transaction.

1.   
2.   
3.   
4.   

Answer & Explanation Solved by verified expert
4.3 Ratings (631 Votes)

Purchase-Related Transactions
Journal Enteries
Event Particulars Debit in $ Credit in $
1 Inventory a/c                                 Dr. 20580
          To Accounts Payable 20580
(Inventory purchased on account)
2 Inventory a/c                                 Dr. 300
          To Cash 300
(Freight paid on purchase)
3 Accounts Payable a/c                  Dr. 3920
           To Inventory 3920
(Inventory returned to supplier)
4 Accounts Payable a/c                  Dr. 16660
          To Cash 16660
(Accounts Payable paid in cash)

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