This information relates to Edyburn Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. On April 5, purchased merchandise from Hansen Company for $27,900, terms 2/10, n/30. 2. On April 6, paid freight costs of $1,900 on merchandise purchased from Hansen Company. 3. On April 7, purchased equipment on account for $38,380. 4. On April 8, returned some of the April 5 merchandise to Hansen Company, which cost $4,200. 5. On April 15, paid the amount due to Hansen Company in full. (a) Prepare the journal entries to record these transactions on the books of Edyburn Co. using a periodic inventory system. (b) Assume that Edyburn Co. paid the balance due to Hansen Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Exercise 5-13

 

	Your answer is correct.

This information relates to Edyburn Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

1.		On April 5, purchased merchandise from Hansen Company for $27,900, terms 2/10, n/30.
2.		On April 6, paid freight costs of $1,900 on merchandise purchased from Hansen Company.
3.		On April 7, purchased equipment on account for $38,380.
4.		On April 8, returned some of the April 5 merchandise to Hansen Company, which cost $4,200.
5.		On April 15, paid the amount due to Hansen Company in full.

                                                

(a)		Prepare the journal entries to record these transactions on the books of Edyburn Co. using a periodic inventory system.
(b)		Assume that Edyburn Co. paid the balance due to Hansen Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

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