Try another version of this question Consider the following transactions for Xavier Company: October 14 Xavier Company purchased goods totaling $81,700 with credit terms 3/10, N/30, FOB Shipping Point. October 17 Xavier Company paid freight bill of $1,000. October 21 Xavier Company returned $14,500 worth of merchandise. October 24 Xavier Company paid the bill. Journalize the purchase transactions assuming Xavier Company uses the periodic inventory system. JournalDateDescriptionDebitCreditOctober 14 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 14 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense October 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense October 21 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 21 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense October 24 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 24 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 24 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense JournalDateDescriptionDebitCreditOctober 14Purchases81,700October 14 A/P81,700 October 17Freight In1,000October 17 Cash1,000 October 21A/P14,500October 21 Purchases Returns & Allowances14,500 October 24A/P67,200October 24 Purchases Discount2,016October 24 Cash65,184
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.
JournalDateDescriptionDebitCreditOctober 14 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 14 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense October 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 17 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense October 21 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 21 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense October 24 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 24 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseOctober 24 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense