E5-14 As the proprietor of Kingston Tires, Inc., you received the following invoice from

Price: $2.99

E5-14 Journalizing purchase transactions from an invoice—perpetual inventory

[10–15 min]

As the proprietor of Kingston Tires, Inc., you received the following invoice from

a supplier:

FIELDS DISTRIBUTION, INC.

7290 S. Prospect Street

Ravenna, OH 44266

Payment terms: 1/10, n/30

	Quantity
Description	Shipped	Price	Amount
D39–X4 Radials	4	$38.12	$152.48
M223 Belted-bias	10	42.84	428.4
Q92 Truck tires	6	58.12	348.72
Total			$929.60
Due Date			Amount
3-Oct-12			920.3
October 4 through october 22, 2012			929.6

Requirements

1. Journalize the transaction required on September 23, 2012.

2. Journalize the return on September 28, 2012, of the D39–X4 Radials, which

were ordered by mistake.

3. Journalize the payment on October 1, 2012, to Fields Distribution, Inc.