this information relates to edyburn co 533581
This information relates to Edyburn Co.
1. On April 5, purchased merchandise from Hansen Company for $27,000, terms 2/10, n/30.
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2. On April 6, paid freight costs of $1,200 on merchandise purchased from Hansen Company.
3. On April 7, purchased equipment on account for $30,000.
4. On April 8, returned some of the April 5 merchandise to Hansen Company, which cost $3,600.
5. On April 15, paid the amount due to Hansen Company in full.
Instructions
(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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