Innovative Medical Devices is a medical devices wholesaler that commenced business on June X The company purchases
merchandise for cash and on open account. In June X Innovative Medical Devices engaged in the following purchasing and cash
payment activities:
DATE TRANSACTIONS
June X Issued Check to purchase merchandise, $
June X Purchased merchandise for $ from BioMaps Incorporated, Invoice ; terms n
June X Paid amount due to BioMaps Incorporated for purchase of June less discount, Check
the goods were purchased on Invoice dated June
June X Purchased merchandise for $ from BioMaps Incorporated, Invoice ; terms n
discount, Check
June X Purchased merchandise with a list price of $ and trade discounts of and percent from Pang Research,
Invoice terms
June X Issued Check to purchase merchandise, $
June X Returned merchandise purchased on June as defective, receiving a cash refund of $
Required:
Journalize the transactions in a general journal.
Analyze:
What was the amount of trade discounts received on the June purchase from Pang Research?
