lpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used.
lpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for
both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used. > Alpha Company purchased on account $2,600 of merchandise from Bravo Company on May 2, 2016. > Alpha Company returned, to Bravo Company, $250 of this merchandise on May 3, 2016. > Freight charges related to this transaction of $150 were paid by Bravo Company. Use this information to submit Alpha Company’s General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write “No Entry Required.”
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