Essay
This information relates to Tandi Co.
1. On April 5 purchased merchandise from Buehler Company for $33,000, terms 2/10, net/30.
2. On April 6 paid freight costs of $900 on merchandise purchased from Buehler Company.
3. On April 7 purchased equipment on account for $26,000.
4. On April 8 returned some of the April 5 merchandise to Buehler Company which cost $3,000.
5. On April 15 paid the amount due to Buehler Company in full.
Instructions
(a) Prepare the journal entries to record these transactions on the books of Tandi Co. using a periodic inventory system.
(b) Assume that Tandi Co. paid the balance due to Buehler Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
Correct Answer:
Verified
Correct Answer:
Verified
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