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Jon’s company purchased $1,500 of inventory on account from Sartol Industries on January 9th. The terms were 3/15, n/45. Jon’s company also paid freight charges of $120 on January 10th and returned $500 of the inventory on January 14th. Journalize the entry to record the payment of the invoice on February 6th.

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Answer:

February 6, invoice is paid:

Dr Accounts payable 1,000

    Cr Cash 1,000

Explanation:

January 9, merchandise is purchased on account:

Dr Merchandise inventory 1,500

    Cr Accounts payable 1,500

January 10, freight charges are paid:

Dr Merchandise inventory 120

    Cr Cash 120

January 14, partial return of merchandise:

Dr Accounts payable 500

    Cr Merchandise inventory 500

February 6, invoice is paid:

Dr Accounts payable 1,000

    Cr Cash 1,000

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