The following June transactions relate to KitchenApps Inc.
June : Purchase of inventory with a list price of $ a trade discount of which buyers get with certainty and with terms
June : Returned $ of inventory damaged in shipment to the supplier the $ is the value after the trade discount
June : Paid $ $ of inventory less a purchase discount of or $ on account.
June : Paid the remaining account balance.
Required
Prepare journal entries prior to a physical inventory for these transactions assuming the company uses the periodic inventory system and the gross method for recording purchase discounts.
tableDateAccount,DrCrJune To record purchase of inventory.,,June To record inventory return,,June To record payment within discount period,,June To record payment after discount period,,
