Try another version of this question Consider the following transactions for Xavier Company: February 15 Xavier Company purchased goods totaling $82,000 with credit terms 3/10, N/30, FOB Shipping Point. February 17 Xavier Company paid freight bill of $1,300. February 20 Xavier Company returned $14,500 worth of merchandise. February 25 Xavier Company paid the bill. Journalize the purchase transactions assuming Xavier Company uses the periodic inventory system. JournalDateDescriptionDebitCreditFebruary 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense JournalDateDescriptionDebitCreditFebruary 15Purchases82,000February 15 A/P82,000 February 17Freight In1,300February 17 Cash1,300 February 20A/P14,500February 20 Purchases Returns & Allowances14,500 February 25A/P67,500February 25 Purchases Discount2,025February 25 Cash65,475
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Consider the following transactions for Xavier Company:
Journalize the purchase transactions assuming Xavier Company uses the periodic inventory system.
JournalDateDescriptionDebitCreditFebruary 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 15 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 20 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 25 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense