9. Prepare journal entires to record these transactions on Hirut companys books using a periodic inventory system.
A, on march 2, Hirut company purchased 900,000 of merchandise from ABC company, termis 2/10, n/30.
B, on march 6, hirut company returned 184,000of the merchandise purchased on march 2.
C, on march 12, hirut company paid the balance due to ABC company.
A)
Date: March 2
Account Debit Credit
Purchases 900,000
Accounts Payable 900,000
B)
Date: March 6
Account Debit Credit
Accounts Payable 184,000
Purchase Returns and Allowances 184,000
C)
Date: March 12
Account Debit Credit
Accounts Payable 716,000
Cash 716,000