 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
How to record merchandise transactions using the perpetual gross method?
Purchased 12,000 of merchandise on 2/1, subject to a trade disount of 10% with credit terms of 3/15, n/60, returned $3000 gross price before trade or discounts on 2/4. invoice paid on 2/13. Using perpetual method, record merchandise transactions, record purchase, and payment using gross method
|
||||
Check out some similar questions!
Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Sansomite's inventory consisted of suitcases costing $1,200 During the month of July the following merchandising transactions occurred: July 1 Purchased...
Assume perpetual inventory system: March 7 purchased good from James Co on account $13,500, terms 4/10, n/30. March 13 returned merchandise to James co that was previously purchased on account $1350 March 18 paid the amount due to James Co
Hi, I am not 1005 sure on how to journalize these two transactions using a perpetual merchandise inventory accounting system. 1) received credit of $40 from douglas Co. for a damaged raquet that was returned: 2) received cash payments on account from mebers $350 It should be noted...
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
