brian_smith
Mar 29, 2008, 01:58 PM
Good Luck! :)
In the journal provided prepare the necessary entries, assuming use of the perpetual inventory system.
July
6 Purchased $1,700 of merchandise on credit, terms n/30.
8 Returned $200 of the items purchased on July 6.
9 Paid freight charges of $90 on the items purchased July 6.
19 Sold merchandise on credit for $3,200, terms 1/10, n/30. The merchandise had an inventory cost of $1,600.
22 Of the merchandise sold on July 19, $200 of it was returned. The items cost the store $100.
28 Received payment in full from the customer of July 19.
31 Paid for the merchandise purchased on July 6.
In the journal provided prepare the necessary entries, assuming use of the perpetual inventory system.
July
6 Purchased $1,700 of merchandise on credit, terms n/30.
8 Returned $200 of the items purchased on July 6.
9 Paid freight charges of $90 on the items purchased July 6.
19 Sold merchandise on credit for $3,200, terms 1/10, n/30. The merchandise had an inventory cost of $1,600.
22 Of the merchandise sold on July 19, $200 of it was returned. The items cost the store $100.
28 Received payment in full from the customer of July 19.
31 Paid for the merchandise purchased on July 6.