How to prepare the general entry for perpetual inventory system
Dec 1 sold merchandise on credit for 5,000, terms 3/10, n/30. The items sold had a cost of 3,500
Dec 3 purchased merchandise for cash 720
Dec 4 purchased merchandise on credit for 2600 terms 1/20, n/30
Dec 5 issused a credit memorandum for 300 to a customer who returned merchandise purchased November 29, the return items had a cost of 210
Dec 11 received payment for merchandise sold December 1
Dec 15 received a credit memorandum for the return of faulty merchandise purchased on dec 4 for 600.
Dec 18 paid freight charges of 200 for merchandise ordered last month. (FOB shipping point)
Dec 23 paid for the merchandise purchased dec 4 less the portion that was returned
Dec 24 sold merchandise on credit for 7,000 terms, 2/10 n/30 the items had a costof 4,900
Dec 31 received payment for merchandise sold on dec 24
