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turayo
Jun 27, 2007, 09:34 AM
Nyland Supply Company uses a periodic inventory system. During
September, the following transactions and events occurred.

Sept. 3 Purchased 80 backpacks at $25 each from Cole Company,
terms 2/10, n/30.

Sept. 6 Received credit of $100 for the return of 4 backpacks
purchased on Sept. 3 that were defective.

Sept. 9 Sold 15 backpacks for $40 each to Starr Books, terms
2/10, n/30.

Sept. 13 Paid Cole Company in full.


INSTRUCTIONS
Journalize the September transactions for Nyland Supply Company.
turayo
Jun 27, 2007, 09:35 AM
Nyland Supply Company uses a periodic inventory system. During
September, the following transactions and events occurred.

Sept. 3 Purchased 80 backpacks at $25 each from Cole Company,
terms 2/10, n/30.

Sept. 6 Received credit of $100 for the return of 4 backpacks
purchased on Sept. 3 that were defective.

Sept. 9 Sold 15 backpacks for $40 each to Starr Books, terms
2/10, n/30.

Sept. 13 Paid Cole Company in full.


INSTRUCTIONS
Journalize the September transactions for Nyland Supply Company.
this what i got but not sure
Date Accounts Debit Credit

Sept 3. Purchases $2,000
Accounts payable $2,000

Sept 6. Accounts payable $100
Purchases $100

Sept 9. Account receivable 600
Sales 600

Sept 13. Accounts payable 2000
Cash 2000