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    Assuming That Purchases Are Recorded at Gross Amounts and That Discounts Are To Be Recorded When Taken: Prepare General Journal Entries To Record The Transactions

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    Amandeep Singh
    Purchases were initially recorded at gross amounts totaling $11760, $15840, and $19600 on August 10th, 13th, and 25th respectively. Discounts of $1176, $1176, and $4000 were taken and recorded by crediting Purchases and debiting Accounts Payable on August 13th, 15th, and 28th. On August 28th, Accounts Payable of $16000 was paid in cash.

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    Assuming That Purchases Are Recorded at Gross Amounts and That Discounts Are To Be Recorded When Taken: Prepare General Journal Entries To Record The Transactions

    Uploaded by

    Amandeep Singh
    19 views1 page
    Purchases were initially recorded at gross amounts totaling $11760, $15840, and $19600 on August 10th, 13th, and 25th respectively. Discounts of $1176, $1176, and $4000 were taken and recorded by crediting Purchases and debiting Accounts Payable on August 13th, 15th, and 28th. On August 28th, Accounts Payable of $16000 was paid in cash.

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    7A

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    Purchases were initially recorded at gross amounts totaling $11760, $15840, and $19600 on August 10th, 13th, and 25th respectively. Discounts of $1176, $1176, and $4000 were taken and recorded by crediting Purchases and debiting Accounts Payable on August 13th, 15th, and 28th. On August 28th, Accounts Payable of $16000 was paid in cash.

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    Download as docx, pdf, or txt
    19 views1 page

    Assuming That Purchases Are Recorded at Gross Amounts and That Discounts Are To Be Recorded When Taken: Prepare General Journal Entries To Record The Transactions

    Uploaded by

    Amandeep Singh
    Purchases were initially recorded at gross amounts totaling $11760, $15840, and $19600 on August 10th, 13th, and 25th respectively. Discounts of $1176, $1176, and $4000 were taken and recorded by crediting Purchases and debiting Accounts Payable on August 13th, 15th, and 28th. On August 28th, Accounts Payable of $16000 was paid in cash.

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    of 1

    (a1)

    Assuming that purchases are recorded at gross amounts and that discounts are to be recorded
    when taken:
    Prepare general journal entries to record the transactions. (If no entry is required, select
    "No entry" for the account titles and enter 0 for the amounts. Credit account titles
    are automatically indented when amount is entered. Do not indent manually.)
    Date
    Aug. 10

    Account Titles and Explanation


    Purchases

    Debit
    11760

    Accounts Pay

    Aug. 13

    Accounts Pay

    11760
    1176

    Purchases ret

    Aug. 15

    Purchases

    1176
    15840

    Accounts Pay

    Aug. 25

    Purchases

    15840
    19600

    Accounts Pay

    Aug. 28

    Accounts Pay
    Cash

    Credit

    19600
    16000
    16000

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