Question:
marshall supplies is a janitorial supply store that uses perpetual inventory.

on july 4, marshall purchases inventory from tidy wholesalers for $8,500 with terms 1/10, n/30.

on july 5, marshall pays express transfer $45 for freight in on the july 4 order.

on july 7, marshall buys an additional $11,985 in inventory from tidy wholesalers with terms 1/10, n/30.

on july 13, marshall pays tidy wholesalers the balance due on both invoices.

required:

journalize the above transactions.

Explanation:

The journal entries are shown below:

1. Purchase A/c Dr $8,500

       To Accounts payable A/c $8,500

(Being purchase of inventory is made on credit)

2. Freight-in A/c Dr $45

         To Cash A/c $45

(Being freight charges is paid for cash)

3. Purchase A/c Dr $11,985

       To Accounts payable A/c $11,985

(Being purchase of inventory is made on credit)

4. Account payable A/c Dr $20,485     ($8,500 + $11985)

         To Cash A/c $20,280.15

         To Purchase discount A/c 204.85   ($20,485 × 1 %)

(Being the payment is recorded)

answer; i believe that the correct answer is client agreement;

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