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Sandhill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following:...

Sandhill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: June 11 Purchased merchandise on account, $18,500, terms 3/10, n/30. 15 Returned part of June 11 purchase, $700, and received credit on account. 30 Prepared the adjusting entry required for financial statements.

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Answer #1
Date Particulars Debit Credit
11- June Merchandise Inventory (18500*0.97) $ 17,945
Accounts Payable $ 17,945
( Being Purchase of merchandise on account)
15 - June Accounts Payable (700*.97) $ 679
Merchandise Inventory $ 679
(Being purchase return)
30 - June Purchased Discount Lost A/c (17,800*0.03) $ 534
Accounts Payable $ 534
( To Record Adjusting entry required on June 30 )

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