Try another version of this question Consider the following transactions for Z-Container Co.: June 3 Z-Container Co. buys $32,500 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. June 12 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. June 19 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 12 June 12 June 19 June 19 June 19 Date Description Debit Credit June 3 Merchandise Inventory 32,500 June 3 A/P-Can Makers 32,500 June 12 A/P-Can Makers 4,800 June 12 Merchandise Inventory 4,800 June 19 A/P-Can Makers 27,700 June 19 Merchandise Inventory 554 June 19 Cash 27,146