Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare general journal entries to record the following transactions for Johnnycake: Aug. 10Johnnycake purchased merchandise on credit from Foster Foods for $9,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Foster. 12Johnnycake returned $600 of merchandise from the August 10 purchase. 19Johnnycake paid Foster for the August 10 purchase.
What will be an ideal response?
| Aug. 10 | Purchases ……………………………………. | 9,000 | ? |
| ? | Accounts Payable……………………… | ? | 9,000 |
| ? | ? | ? | ? |
| 12 | Accounts Payable…………………………… | 600 | ? |
| ? | Purchases Returns and Allowances… | ? | 600 |
| ? | ? | ? | ? |
| 19 | Accounts Payable……………………………... | 8,400 | ? |
| ? | Cash……………………………………….. | ? | 8,232 |
| ? | Purchases Discounts ($8,400 x .02)…… | ? | 168 |
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