On April 10, Tyler Industries paid $200 cash to a trucker who delivered the $22,000 of merchandise. Prepare the appropriate journal entry dated April 10. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Question

02-03-2020
Business

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On April 10, Tyler Industries paid $200 cash to a trucker who delivered the $22,000 of merchandise. Prepare the appropriate journal entry dated April 10. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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letmeanswer letmeanswer · Answer 1 · 2020-03-10T07:33:03+01:00

Answer:

The Tyler industries would record the following journal entry for the cash paid to a trucker. It has been assumed that the Tyler industries uses perpetual inventory system and goods were purchased on the terms of FOB shipping point.

Date Account Title and Explanation Debit Credit

Apr. 10 Merchandise inventory $200

Cash $200

( To record freight-in charges paid )

Thus, Merchandise inventory is to be debited and cash is to be credited.