tracyleerich
Feb 17, 2009, 10:18 AM
TLC Co. uses a perpetual inventory system. In the journal provided, record the journal entries for the following transactions:
2004
Jul.1-Purchased $1,000 of merchandise on account. Credit terms n/30.
Jul.6-Returned $100 of the items purchased on July 1.
Jul.16-Sold merchandise on account for $750. The merchandise cost $350. Credit terms n/30.
Jul.17-Of the merchandise sold on July 18, $400 of it was returned. The items had cost TLC $250
Jul.25-Received payment in full from the customer of July 16.
Jul.26-Purchased merchandise for cash of $2,000
Jul.31-Paid for the merchandise purchased on July 1 less return on July 6.
... I am totally lost on how to do this.. Any help would be great. Thanks!
2004
Jul.1-Purchased $1,000 of merchandise on account. Credit terms n/30.
Jul.6-Returned $100 of the items purchased on July 1.
Jul.16-Sold merchandise on account for $750. The merchandise cost $350. Credit terms n/30.
Jul.17-Of the merchandise sold on July 18, $400 of it was returned. The items had cost TLC $250
Jul.25-Received payment in full from the customer of July 16.
Jul.26-Purchased merchandise for cash of $2,000
Jul.31-Paid for the merchandise purchased on July 1 less return on July 6.
... I am totally lost on how to do this.. Any help would be great. Thanks!