Travis Company purchased merchandise on account from a supplier for $8,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
Under a perpetual inventory system, journalize the entries required for these transactions. If an amount box does not require an entry, leave it blank.
Transaction | Account | Debit | Credit |
---|---|---|---|
a. | Accounts PayableAccounts ReceivableCost of Merchandise SoldInventoryWages ExpenseInventory | Inventory | Inventory |
Accounts PayableAccounts ReceivableCost of Merchandise SoldInventoryRent ExpenseAccounts Payable | Accounts Payable | Accounts Payable | |
b. | Accounts PayableAccounts ReceivableCashCost of Merchandise SoldSupplies | – Select – | – Select – |
Accounts PayableAccounts ReceivableCashCost of Merchandise SoldSupplies Expense | – Select – | – Select – | |
Accounts PayableAccounts ReceivableCost of Merchandise SoldInventorySupplies Expense | – Select – | – Select – |
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