prepare the journal entries to record these transactions on hirut company's books using a periodic inventory system
A on march 2 hirut company purchased $ 900,000 of merhaindise from ABC companey terms2/10 n/30
B on march 6 hirut company returned $18,000 of the merchaindise purchased on match 2
C on march 12 hirut company paid there balance due yo ABC company .
March 2:
Merchandise Inventory 900,000
Accounts Payable 900,000
To record the purchase of merchandise from ABC Company.
March 6:
Accounts Payable 18,000
Merchandise Inventory 18,000
To record the return of merchandise purchased from ABC Company on March 2.
March 12:
Accounts Payable 882,000
Cash 882,000
To record the payment of the balance due to ABC Company.