Weygandt, Financial and Managerial, 3e
Exercise 5-20 a-b (Video)
This information relates to Rana Co.
1. On April 5, purchased merchandise on account from Craig Company for $25,000, terms 2/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $900 on merchandise purchased from Craig Company.
3. On April 7, purchased equipment on account for $30,000.
4. On April 8, returned some of April 5 merchandise, which cost $2,800, to Craig Company.
5. On April 15, paid the amount due to Craig Company in full.
Prepare the journal entries to record these transactions on the books of Rana Co. using a periodic inventory system. (Credit account titles are automatically indented
manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.)
No.
Date
Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
5.
