Business, 21.06.2021 16:00 jonmorton159

Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes.
3. On April 7, purchased equipment on account for $26,000.
4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise.
5. On April 15, paid the amount due to Wilkes Company in full.
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Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
No. Date Account Titles and Explanation Debit Credit
1. April 5April 6April 7April 8April 15
2. April 5April 6April 7April 8April 15
3. April 5April 6April 7April 8April 15
4. April 5April 6April 7April 8April 15
5. April 5April 6April 7April 8April 15

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Answer from: haleygrobertson8948

Date Account titles & Explanation Debit Credit

Apr-05 Merchandise Inventory $23,000

Accounts Payable $23,000

Apr-06 Merchandise Inventory $900

Cash $900

Apr-07 Equipment $26,000

Accounts Payable $26,000

Apr-08 Accounts Payable $3,000

Merchandise Inventory $3,000

Apr-15 Accounts Payable $20,000

($23,000-$20,000)

Merchandise Inventory $400

($20,000*2%)

Cash $19.600

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Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise from Wil...

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