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    titans2008's Avatar
    titans2008 Posts: 10, Reputation: 1
    New Member
    		  
    #1

    Jun 22, 2008, 09:53 PM
    Two merchandise inventory transactions
    Hi,

    I am not 1005 sure on how to journalize these two transactions using a perpetual merchandise inventory accounting system.

    1) received credit of $40 from douglas Co. for a damaged raquet that was returned:

    2) received cash payments on account from mebers $350


    It should be noted that a previous transaction from douglas co. included

    Purchased raquets and balls from douglas co. 840, terms 3/10 n/30
    Criado's Avatar
    Criado Posts: 142, Reputation: 15
    Junior Member
    		  
    #2

    Jun 28, 2008, 11:35 AM
    1.
    Accounts Payable $40
    Merchandise Inventory $40

    2.
    Cash $350
    Accounts Receivable $350
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #3

    Jul 2, 2008, 03:16 PM
    Homework again...
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