Question

Edgar purchased 10 “Hot & Cold” and 5 “Purified” models of AC from the new vendor...

Edgar purchased 10 “Hot & Cold” and 5 “Purified” models of AC from the new vendor on credit. The Hot & Cold model cost 1,800 $ each and Purified model cost 2,200 $ each. They were all transported with the truck driver deducting the cost of transport from his account receivable.

journal entries
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Answer #1
General Journal Debit ($) Credit ($)
Hot & Cold AC (10 x $1,800)                 18,000
Purified AC (5 x $2,200)                 11,000
      To Accounts Payable ($18,000 + $11,000)                 29,000
[Journal entry to record the purchase of AC from the new vendor on credit]
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