Question

Journalize each of the following transactions assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Feb.	1	Purchased $17,100 of merchandise inventory; terms 2/10, n/30.
	5	Purchased for cash $8,300 of merchandise inventory.
	6	Purchased $22,100 of merchandise inventory; terms 3/15, n/45.
	9	Purchased $1,950 of office supplies; terms n/15.
	10	Contacted a major supplier to place an order for $210,000 of merchandise in exchange for a 25% trade discount to be shipped on April 1 FOB destination.
	11	Paid for the merchandise purchased on February 1.
	24	Paid for the office supplies purchased on February 9.
Mar.	23	Paid for the February 6 purchase.

Answer 1

Date	General Journal	Debit	Credit
Feb. 1	Inventory	$ 17,100
	Account Payable		$ 17,100
	(To record inventory purchased on account)
Feb .5	Inventory	$    8,300
	Cash		$    8,300
	(To record inventory purchased on cash)
Feb. 6	Inventory	$ 22,100
	Account Payable		$ 22,100
	(To record inventory purchased on account)
Feb. 9	Office Supplies	$ 1950
	Account Payable		$ 1950
	(To record supplies purchased on account)
Feb. 10	No journal entry required	$           -
			$           -
Feb. 11	Account Payable	$ 17,100
	Inventory (17100*2%)		$ 342
	Cash		$ 16,758
	( To record account payable paid)
Feb. 24	Account Payable	$ 1,950
	Cash		$ 1,950
	( To record account payable paid)
Mar. 23	Account Payable	$ 22,100
	Cash		$ 22,100
	( To record account payable paid)