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Journal entries
I am really confused on how to start this and how to do it at all... any help would be appriciated thanks!!
Prepare the necessary general journal entries for the month of September for the Xenon Company for each situation given below. Joiner uses a perpetual inventory system. Sep. 5 Paid cash of $14,000 for operating expenses that were incurred and properly recorded in the previous period. 8 Purchased merchandise for $16,000 on account September 1. Credit terms: 2/10, n/30. 10 Paid freight bill of $335 for merchandise purchased on September 8. 15 Paid for merchandise purchased on September 1. The company takes all discounts to which it is entitled. 20 Sold merchandise for $13,000 to Diane McCracken on account on September 12. The cost of the merchandise sold was $7,800. Credit terms: 2/10, n/30. 25 Issued a credit memo to Diane McCracken for $800 for merchandise returned by him from the sale on September 20. The cost of the merchandise returned was $480. |
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The difficulty is that each one of these is different and covers an entire merchandising chapter. So there's no way to "get you started," because even if I outright gave you an answer to one of them, it won't help at all with the others. Find examples of them in your text and make some attempt to do them. Once you've done that, then we can let you know if you're on the right track, what you have correct and incorrect, and give some further hints. |
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