Try another version of this question Consider the following transactions for Xavier Company: February 15 Xavier Company purchased goods totaling $86,300 with credit terms 3/10, N/30, FOB Shipping Point. February 16 Xavier Company paid freight bill of $1,300. February 21 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 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 21 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 21 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 15Purchases86,300February 15 A/P86,300 February 16Freight In1,300February 16 Cash1,300 February 21A/P14,500February 21 Purchases Returns & Allowances14,500 February 25A/P71,800February 25 Purchases Discount2,154February 25 Cash69,646
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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 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 16 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping Expense February 21 A/PA/RCOGSCashFreight InInventory ExpenseMerchandise InvetoryPurchasesPurchases DiscountPurchases Returns & AllowancesSales DiscountSales Return & AllowanceSales RevenueShipping ExpenseFebruary 21 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