PP
Answered
Brahma Supply Company uses a periodic inventory system. During September the following transactions and events occurred.
Sept. 3 Purchased 70 backpacks at $50 each from South Slope Company terms 2/10 n/30.
Sept. 6 Received credit of $300 for the return of 6 backpacks purchased on Sept. 3 that were defective.
Sept. 9 Sold 15 backpacks for $84 each to Outdoor Sports terms 2/10 n/30.
Sept. 13 Paid South Slope Company in full.
Instructions
Journalize the September transactions for Brahma Supply Company.
On May 10, 2024
Sept. 3 Purchases. 3,500 Accounts Payable3,500 Sept. 6Accounts Payable 300 Purchase Returns and Allowances.300Sept. 9 Accounts Receivable 1,260 Sales Revenue 1,260 Sept. 13 Accounts Payable ($3,500−$300) 3,200Purchase Discounts ($3,200×.02) 64 Cash 3,136\begin{array}{llr} \text { Sept. 3 } &\text { Purchases. }&3,500\\& \text { Accounts Payable} &&3,500\\ \text { Sept. 6} &\text {Accounts Payable } &300\\& \text { Purchase Returns and Allowances.} &&300\\ \text {Sept. 9 } & \text {Accounts Receivable } &1,260\\ &\text { Sales Revenue } &&1,260\\\\ \text { Sept. 13 } & \text { Accounts Payable \( (\$ 3,500-\$ 300) \) } &3,200\\& \text {Purchase Discounts \( (\$ 3,200 \times .02) \) } &&64\\& \text { Cash } &&3,136\\\end{array} Sept. 3 Sept. 6Sept. 9 Sept. 13 Purchases. Accounts PayableAccounts Payable Purchase Returns and Allowances.Accounts Receivable Sales Revenue Accounts Payable ($3,500−$300) Purchase Discounts ($3,200×.02) Cash 3,5003001,2603,2003,5003001,260643,136