question archive Please journalize the following transactions of Brown Company: September 1: Brown Company purchased merchandise on credit, terms 3/10, n/30, TL 11
Please journalize the following transactions of Brown Company: September 1: Brown Company purchased merchandise on credit, terms 3/10, n/30, TL 11
Subject:AccountingPrice:2.84 Bought3
Please journalize the following transactions of Brown Company: September 1: Brown Company purchased merchandise on credit, terms 3/10, n/30, TL 11.650. September 5 retumed the defective merchandise that was purchased on September 1 for credit. TL 1.650. September 6: paid for the purchase made on September 1.
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Term 3/10 n/30 means 3%discount if the payment is made within 10 days and the full invoice amount is due in 30 days
Journal
In the books of Brown Company
| Date | Particulars | Debit (TL) | Credit (TL) |
| Sept01 | Purchases Dr. | 11.650 | |
| To Account payables | 11.650 | ||
| (To record the credit purchases) | |||
| Sept05 | Accounts Payables Dr. | 1.650 | |
| To purchase return | 1.650 | ||
| (To record the return of defective merchandise) | |||
| Sept06 | Accounts Payable Dr. | 10.000 | |
| To bank | 9.700 | ||
| To discount received(10.000*3%) | 0.300 | ||
| (To record the payment made) |
