Question - Prepare Journal Entries for Sales and Purchases (With Discounts)
Your answer is partially correct. Try again. Super Copy Co. is an office supply store. The company uses a perpetual inventory system.
July 1 - Purchased four Doni copying machines on account from Doni Corp. Total invoice price was $3,200 per machine ($12,800 total); terms of 2/10, n/30. These machines are intended for resale.
July 3 Found one of the Doni copiers to be defective and returned it to Doni, thus reducing the amount owed.
July 8 Paid the amount owed to Doni Corp.
July 9 Sold on account one of the Doni copiers to Cross Realty. The sales price was $6,400, terms 6/10, n/60.
July 19 Received full payment from Cross.
Record the above transactions in the company's general journal. To conserve space, omit the written explanations which normally should accompany the entries. (Credit account titles are automatically indented when the amount is entered.