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Accounting for Purchase Transactions
Debra Company began operations on June 1. The following transactions took place in June:

a. Purchases of merchandise on account were $480,000.
b. The cost of freight to receive the inventory was $16,000. This was paid in cash.
c. Debra returned $8,000 of the merchandise due to an ordering error. Debra received a full credit for the return.
d. Debra paid the remaining balance for the merchandise.

General Journal
Ref.DescriptionDebitCredit
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d.

 

 

 

 

 

 
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