Try another version of this question Consider the following transactions for Xavier Company: June 15 Xavier Company purchased goods totaling $85,300 with credit terms 3/10, N/30, FOB Shipping Point. June 16 Xavier Company paid freight bill of $1,000. June 20 Xavier Company returned $14,400 worth of merchandise. June 25 Xavier Company paid the bill. Journalize the purchase transactions assuming Xavier Company uses the periodic inventory system. JournalDateDescriptionDebitCreditJune 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense June 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense June 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense June 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense JournalDateDescriptionDebitCreditJune 15Purchases85,300June 15 A/P85,300 June 16Freight In1,000June 16 Cash1,000 June 20A/P14,400June 20 Purchases Returns & Allowances14,400 June 25A/P70,900June 25 Purchases Discount2,127June 25 Cash68,773
Try another version of this question
Consider the following transactions for Xavier Company:
Journalize the purchase transactions assuming Xavier Company uses the periodic inventory system.
JournalDateDescriptionDebitCreditJune 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense June 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense June 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense June 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseJune 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense