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    koolklark83's Avatar
    koolklark83 Posts: 1, Reputation: 1
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    #1

    Feb 7, 2009, 08:55 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.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Feb 7, 2009, 09:48 PM

    Do your work first, then if you have a question we will try to help you.
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