Try another version of this question Consider the following transactions for Z-Container Co.: June 3 Z-Container Co. buys $35,500 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. June 7 Z-Container Co. returns $4,400 of the merchandise to Can Makers Corp. June 14 Z-Container Co. paid the amount due, less the return and discount. Journalize the purchase transactions.
Date Description Debit Credit June 3 June 3 June 7 June 7 June 14 June 14 June 14 Date Description Debit Credit June 3 Merchandise Inventory 35,500 June 3 A/P-Can Makers 35,500 June 7 A/P-Can Makers 4,400 June 7 Merchandise Inventory 4,400 June 14 A/P-Can Makers 31,100 June 14 Merchandise Inventory 622 June 14 Cash 30,478