Business, 06.07.2021 14:20 andr8aa

This information relates to Olaf Decor. 1. On April 5, purchased merchandise on account from DeVito Group for €18,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of €820 on merchandise purchased from DeVito. 3. On April 7, purchased equipment on account for €30,000. 4. On April 8, returned some of April 5 merchandise, which cost €2,800, to DeVito. 5. On April 15, paid the amount due to DeVito in full. Instructions 2. Prepare the joumal entries to record these transactions on the books of Olaf using a periodic inventory system (30) b. Assume that Olaf paid the balance due to DeVito on May 4 instead of April 15. Prepare the journal entry to record this payment.(20)

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This information relates to Olaf Decor. 1. On April 5, purchased merchandise on account from DeVito...

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