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Review the following transactions, and prepare any necessary journal entries for Renovation Goods. On May...

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Question

Accounting

  1. Review the following transactions, and prepare any necessary journal entries for Renovation Goods.
  2. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12.
  3. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15.
  4. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction.
  5. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.

Solution

May 12 Flooring Inventory
Accounts Payable
To recognize purchase on credit, 2/10, n/30
May 15 Tape Inventory
Accounts Payable
To recognize purchase on credit, 4/15, n/60
May 22 Accounts Payable
Flooring Inventory
Cash
To recognize payment, less discount from May 12 purchase
Jun. 3 Accounts Payable
Cash
To recognize payment from May 15 purchase

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