used putter for sale

used putter for sale
Putter Pilot Supplies is a golf and aviation supply store. Putter Pilot uses perpetual inventory. Use a Genera?

Putter Pilot Supplies is a golf and aviation supply store. Putter Pilot uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of March:
(a) On March 4th Putter purchases inventory for sale from Plane Stuff Wholesalers for $9,750.00 with terms 1/10, n/30.
(b) On March 5th Putter pays Airborne Transfer $65 for freight-in on the March 4th order.
(c) On March 12th Putter buys an additional $12,985 in inventory from Plane Stuff Wholesalers with terms 1/10, n/30.
(d) On March 22nd Putter pays Plane Stuff Wholesalers the balance due.

General Journal

GJ Page 63
Date:

Account Title

Post
Ref:

Debit:

Credit:

a) On March 4th Putter purchases inventory for sale from Plane Stuff Wholesalers for $9,750.00 with terms 1/10, n/30.
Dr Merchandise Inventory 9,750
Cr Accounts Payable 9,750
(b) On March 5th Putter pays Airborne Transfer $65 for freight-in on the March 4th order.
Dr Merchandise Inventory 65
Cr Cash 65
(c) On March 12th Putter buys an additional $12,985 in inventory from Plane Stuff Wholesalers with terms 1/10, n/30.
Dr Merchandise Inventory 12,985
Cr Accounts Payable 12,985
(d) On March 22nd Putter pays Plane Stuff Wholesalers the balance due.
Since it is too late to receive a discount on the March 4th order, they will receive a discount only from the March 12th purchase.
12,985 x 1% = 129.85 discount
Dr Accounts Payable 22,735
Cr Cash 22,605.15
Cr Merchandise Inventory 129.85