Student Name: Enter Name

5 Digit Identification Number: o

Date: 3/4/2022
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#VALUE!

Prepare summary journal entries for the following purchase related transactions using the "gross" method. Account titles and amounts a
selected from the choices found in the drop down pick lists associated with each entry. A check mark will appear beside a correct en

(a) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

###
#VALUE!

(b) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

###
To recognize return of inventory to suppliers
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(c) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

###
To recognize price reductions for purchases of defective inventory

(d) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

###

###

#VALUE!

(e) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 ### -
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###
#VALUE!
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Account titles and amounts are to be

will appear beside a correct entry.

Credit

Credit

-
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Credit

Credit

Credit
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-
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#VALUE!

Prepare summary journal entries for the following purchase related transactions using the "net" method. Account titles and amounts are
selected from the choices found in the drop down pick lists associated with each entry. A check mark will appear beside a correct en

(a) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

###
#VALUE!

(b) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

###
To recognize return of inventory to suppliers
 I-02.04

(c) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

Purchase Returns & Allowances ###

To recognize price reductions for purchases of defective inventory

(d) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

### -

### -

Cash ###

#VALUE!

(e) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 Accounts Payable ### -

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Cash ###
#VALUE!
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Account titles and amounts are to be

will appear beside a correct entry.

Credit

Credit

-
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Credit

Credit

Credit
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