Business, 03.12.2021 21:40 scastrowilson618

Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Oct. 2 Purchased merchandise at a $3,500 price ($3,430 net), invoice dated October 2, terms 2/10, n/30.
10 Returned $750 ($735 net) of merchandise purchased on October 2, and debited its accounts payable for that amount.
17 Purchased merchandise at a $6,400 price ($6,272 net), invoice dated October 17, terms 2/10, n/30.
27 Paid for the merchandise purchased on October 17, less the discount.
31 Paid for the merchandise purchased on October 2.
Prepare entries to record the above transactions assuming that Piere Imports records invoices at net amounts.

1. Returned $3,500 price ($3,430 net) of merchandise purchased on October 2, and debited its accounts payable for that amount.

2. Received a credit memorandum toward the return of $750 ($735 net) of merchandise that it purchased on October 2

3. Purchased merchandise at a $6,400 price ($6,272 net), invoice dated October 17, terms 2/10, n/30.

4. Paid for the merchandise purchased on October 17, less the discount.

5. Paid for the merchandise purchased on October 2. (Payment was mistakenly delayed, which caused the discount to be lost.)

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