Brief Exercise 149 Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Solution Date Particulars Debit $ Credit $ 11/06/2015 Purchases A/c 9000 Accounts payable 9000 (To record purchases) 15/06/2015 Accounts payable 500 Purchases A/c 500 (To record purchases returns) .

1. Brief Exercise 149
Dill Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the
following: (Credit account titles are automatically indented when the amount is entered. Do
not indent manually. Record journal entries in the order presented in the problem.)
June 11 Purchased merchandise on account, $9,000, terms 2/10, n/30.
15 Returned part of June 11 purchase, $500, and received credit on account.
30 Prepared the adjusting entry required for financial statements.
Solution
Date Particulars Debit $ Credit $ 11/06/2015 Purchases A/c 9000 Accounts payable 9000 (To
record purchases) 15/06/2015 Accounts payable 500 Purchases A/c 500 (To record purchases
returns)