question archive Marigold Corporation, a private company following ASPE, uses a periodic inventory system
Marigold Corporation, a private company following ASPE, uses a periodic inventory system
Subject:AccountingPrice: Bought3
Marigold Corporation, a private company following ASPE, uses a periodic inventory system. On July 1, Marigold purchased $56,000 of inventory, terms 1/10,n/30, f.o.b. shipping point. Marigold paid freight costs of $1,800. On July 3, Marigold returned damaged goods and received a credit of $5,600. On July 10, Marigold paid for the goods. Prepare all necessary journal entries for Marigold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record purchase on account) (To record freight on purchase)
