Triple Play Company Engaged in the Following Transactions During the Month

question 6

Essay

Triple Play Company engaged in the following transactions during the month of August:
August $4 \quad$ Purchased $\$ 2,000$ of merchandise on account, terms $1 / 10,12 / 30$ .
5 $\quad$ Returned $\$ 300$ of the merchandise purchased on Aug 4 because it was defective.
6 $\quad$ Purchased a machine for $\$ 4,000$ . Paid $20 \%$ down and signed an $8 \%$ , two-month note for the balance
8 $\quad$ Purchased $\$ 800$ of merchanchse and paid $\$ 820$ , which included freight.
13 $\quad$ Paid the balance due on the purchase of Aug 4 .

Required:

Record these transactions in a general journal, assuming Triple Play uses a periodic inventory system.

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Definitions:

Existing Management

The current team of executives and managers overseeing the operations of a company or organization.

Empire Building

A strategy where a company expands its operations and assets through acquisitions or increased production to increase its market presence, which may not always benefit shareholders.

Stock Options

Financial derivatives that give the holder the right, but not the obligation, to buy or sell a stock at a predetermined price within a specific time period.

Incentive

A form of motivation typically used in a business context to encourage desired behaviors or actions among employees or customers, often through rewards or perks.