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    cutie1227's Avatar
    cutie1227 Posts: 4, Reputation: 1
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    #1

    Mar 22, 2011, 03:50 PM
    Journalize the following merchandising transactions for CSI Systems assuming it uses
    Journalize the following merchandising transactions for CSI Systems assuming it uses (a) a periodic
    Inventory system and (b) a perpetual inventory system.
    1. On November 1, CSI Systems purchases merchandise for $1,400 on credit with terms of 25,
    n30, FOB shipping point; invoice dated November 1.
    2. On November 5, CSI Systems pays cash for the November 1 purchase.
    3. On November 7, CSI Systems discovers and returns $100 of defective merchandise purchased on
    November 1 for a cash refund.
    4. On November 10, CSI Systems pays $80 cash for transportation costs with the November 1 purchase.
    5. On November 13, CSI Systems sells merchandise for $1,500 on credit. The cost of the merchandise
    Is $750.
    6. On November 16, the customer returns merchandise from the November 13 transaction. The returned
    Items sell for $200 and cost $100.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    Mar 22, 2011, 05:31 PM

    Read this first: Expectations for the Homework Help board

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