[brian_smith]

Good Luck! :)

In the journal provided prepare the necessary entries, assuming use of the perpetual inventory system.

July
6 Purchased $1,700 of merchandise on credit, terms n/30.

8 Returned $200 of the items purchased on July 6.

9 Paid freight charges of $90 on the items purchased July 6.

19 Sold merchandise on credit for $3,200, terms 1/10, n/30. The merchandise had an inventory cost of $1,600.

22 Of the merchandise sold on July 19, $200 of it was returned. The items cost the store $100.

28 Received payment in full from the customer of July 19.

31 Paid for the merchandise purchased on July 6.

[morgaine300]

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