Question - Stark Tech Medical Devices is a medical devices wholesaler that commenced business on April 1, 2016. Stark Tech Medical Devices purchases merchandise for cash and on open account. In April 2016, Stark Tech Medical Devices engaged in the following purchasing and cash payment activities:
DATE TRANSACTIONS 2016 April
1 Issued Check 101 to purchase merchandise, $4,500.
3 Purchased merchandise for $1,700 from Bio Shock Inc., Invoice 606; terms 2/10, n/30.
5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Prospects Corporation, Invoice 1011, terms 2/10, n/30.
9 Paid amount due to Bio Shock Inc. for purchase of June 3, less discount, Check 102.
10 Received Credit Memorandum 227 from New Prospects Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice1011, dated April 5.
11 Purchased merchandise for $1,680 from Bio Shock Inc., Invoice 612; terms 2/10, n/30.
14 Paid amount due to New Prospects Corporation non for Invoice 1011 of April 5, less the return of April10 and less the cash discount, Check 103.
15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Playground Research, Invoice 1029, terms n/30.
20 Issued Check 104 to purchase merchandise, $3,000.
25 Returned merchandise purchased on April 20 as defective, receiving a cash refund of $280.
30 Purchased merchandise for $3,200, plus a freight charge of $85, from New Prospects Corporation, Invoice 1080; terms 2/10, n/30.
Required: Journalize the transactions in a general journal.
Analyze: What was the amount of trade discounts received on the April 15 purchase from Park Research?