Business, 16.11.2020 16:40 jillian0013
On 4 October 2020, Tumusiime Stationers purchased merchandise on account from Office Suppliers for Sh 62,000, with terms of 1/10, n/30. During the discount period, Tumusiime returned some merchandise (on 5 October) and paid Sh 59,400 as payment in full (on 14 October).
Required:
By dragging and dropping the answers given below;
(a) Prepare the journal entries that Tumusiime Stationers made to record the full payment on 14/10/2020
Date
Account
Ref.
Dr (Sh)
Cr (Sh)
14/10/2020
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(iii)
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blank
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(b) Prepare the journal entries that Office Suppliers made to record the full payment on 14/10/2020
Date
Account
Ref.
Dr (Sh)
Cr (Sh)
14/10/2020
blank
(iii)
blank
blank
blank
blank
blank
Office suppliers 60,000 Cash 59,400 Purchases discounts 600 Purchase returns and allowances 62,000 2,0000 Cash Tumusiime Stationers Sales Sales returns and allowances Purchases Purchases returns and allowances
Cash 59,400 Sales Discounts allowed 600 Tumusiime Stationers 60,000 2,000 Office suppliers Sales Sales returns and allowances Cash Purchases Purchases returns and allowances Purchase discounts
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