Acc121 Survey of Accounting: P4-4 The following selected transactions (Scat Trak Co)

Acc121 Survey of Accounting

P4-4 Purchase-related Transactions
The following selected transactions were completed by Scat Trak Co. during July of the current year.
July 3. Purchased merchandise from Phillips Co., $13,800, terms FOB destination, 2/10, n/30.
July 6. Issued debit memorandum to Phillips Co for $1,900 of merchandise returned from purchase on July 3.
July 10. Purchased merchandise from Cleghorne Company, $18,000 terms FOB shipping point, n/eom.
July 10. Paid transportation charges of $500 on July 10 purchase from Cleghorne Company.
July 13. Paid Phillips Co for invoice of July 3, less debit memorandum of July 6 and discount.
July 31. Paid Cleghorne Company for invoice of July 10.

Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Scat Trak Co. Identify each transaction by date.
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