Grimm Brothers Supply uses a periodic inventory system. During May the following transactions and events occurred. May 13 Purchased 10 motors at a cost of $ 42 each from Thompson Company, terms 4 / 10 , n / 30 . The motors cost Thompson Company $ 25 each. May 16 Returned 1 defective motor to Thompson May 23 Paid Thompson Company in full. Round to nearest dollar. \begin{array}{lll} ext { May } & 13 & ext { Purchased 10 motors at a cost of \$ 42 each from Thompson Company, terms } \ & & ext { 4 / 10, n / 30 . The motors cost Thompson Company \$ 25 each. } & \\ ext { May} & 16 & ext { Returned 1 defective motor to Thompson } \\ ext { May } & 23 & ext { Paid Thompson Company in full. Round to nearest dollar. } \\end{array} May May May 13 16 23 Purchased 10 motors at a cost of $42 each from Thompson Company, terms 4/10 , n /30. The motors cost Thompson Company $25 each. Returned 1 defective motor to Thompson Paid Thompson Company in full. Round to nearest dollar. InstructionsJournalize the May transactions for Grimm Brothers. You may omit explanations.

Question

Grimm Brothers Supply uses a periodic inventory system. During May the following transactions and events occurred.    May  13  Purchased 10 motors at a cost of  $ 42  each from Thompson Company, terms    4 / 10 , n / 30 . The motors cost Thompson Company  $ 25  each.   May 16  Returned 1 defective motor to Thompson   May  23  Paid Thompson Company in full. Round to nearest dollar.  \begin{array}{lll}  	ext { May  } & 13  &   	ext { Purchased 10 motors at a cost of   \$ 42   each from Thompson Company, terms } \ & &   	ext {   4 / 10, n / 30  . The motors cost Thompson Company   \$ 25   each. }  & \\ 	ext {  May}  & 16 &   	ext { Returned 1 defective motor to Thompson } \\ 	ext { May }  & 23 &   	ext { Paid Thompson Company in full. Round to nearest dollar. } \\end{array}  May   May  May  ​ 13 16 23 ​  Purchased 10 motors at a cost of $42 each from Thompson Company, terms   4/10 , n /30. The motors cost Thompson Company $25 each.   Returned 1 defective motor to Thompson   Paid Thompson Company in full. Round to nearest dollar.  ​ InstructionsJournalize the May transactions for Grimm Brothers. You may omit explanations.

Joeline Solano · Accepted Answer

Final Answer :   May  13  Purchases 420  Accounts Payable  420  May  16  Accounts Payable  42  Purchase Returns and Allowances. 42  May  23 Accounts Payable  ( $ 420 − $ 42 )   378  Purchase Discounts  ( $ 378 × . 04 )   15  Cash  363 \begin{array}{llll}  	ext { May }  & 13 &   	ext {  Purchases}  & 420\ & &  	ext { Accounts Payable }  & & 420\\  	ext { May } & 16  &  	ext { Accounts Payable }  & 42\ & &   	ext {  Purchase Returns and Allowances.}   & & 42\\  	ext { May }  & 23 &  	ext {Accounts Payable   (\$ 420-\$ 42)    }  & 378\ & &  	ext { Purchase Discounts   (\$ 378 	imes .04)   }  & & 15\ & &   	ext { Cash }  & & 363\end{array}  May   May   May  ​ 13 16 23 ​  Purchases  Accounts Payable   Accounts Payable   Purchase Returns and Allowances. Accounts Payable  ( $420 − $42 )    Purchase Discounts  ( $378 × .04 )    Cash  ​ 420 42 378 ​ 420 42 15 363 ​

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