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Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30. During the discount period, Karns returned some merchandise and paid S1S6.800 as payment in full. Karns uses a perpetual inventory system.
a. Prepare the journal entries that Karns Company made to record:

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Answer:

Karns Company

Perpetual inventory system

1)  Merchandise Inventory   $174,000 Dr.

Account Payable  $ 174,000 Cr

Karns Company purchased merchandise on account from Bailey Office Suppliers for $ 174.000, with terms of 2/10, n/30

2) Account Payable $ 6,800 Dr.

Merchandise Inventory  $ 6,800 Cr.

Karns returned some merchandise and paid S1S6.800 as payment in full

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