Record the following transactions of Fronke’s Fashions in a general journal: April 1 Purchased merchandise for cash, $2,310.
2 Returned merchandise for cash purchased on April 1; received a cash refund of $218.
4 Purchased merchandise on credit from Breit Distributors, Invoice 125, $871, terms n/30; freight of $46 prepaid by Breit Distributors and added to the invoice.
7 Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $58.
30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458.

Fronke's Fashions

General Journal:

April 1:

Debit Purchases $2,310

Credit Cash Account $2,310

To record purchase of merchandise for cash.

April 2:

Debit Cash Account $218

Credit Purchases Returns $218

To record return of merchandise for cash.

April 4:

Debit Purchases $825

Debit Freight-in $46

Credit Accounts Payable (Breit Distributors) $871

To record purchase of merchandise on credit, Invoice 125, terms n/30

April 7:

Debit Accounts Payable (Breit Distributors) $58

Credit Purchases Returns $58

To record return of damaged merchandise, Credit Memo 202.

April 30:

Debit Accounts Payable (Breit Distributors) $813

Credit Cash Account $813

To record payment of amount due via Check 1458.

Explanation:

Journal entries are made to record business transactions as they occur on a daily basis.  The journal is the first accounting record kept about a transaction.  It shows the account that will be debited or credited in the General Ledger.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; importance to people; or acceptance;