2. Maeve's Store had the following transactions during December, the last month of the accounting period:Dec. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30.4 Purchased merchandise on credit for $5,600, terms 2/10, n/30.Issued a credit memorandum for $600 to a customer who returned merchandise purchased November29, cost $400. Merchandise was put back into inventory.11 Received payment for merchandise sold December 1.Received a credit memorandum for $600 for the return of faulty merchandise purchased on December154.18 Paid freight charges of $50 for merchandise ordered last month.23 Paid for the merchandise purchased December 4 less merchandise returned.24 Sold merchandise on credit for $9,000, terms 1/3 n/15, cost $6,500.31 Received payment for merchandise sold on December 24.Prepare general journal entries to record these transactions, using a perpetual inventory system.

The journal book keeps the record of business transactions on regular basis.

2. Maeve's Store had the following transactions during December, the last month of the accounting period: Dec. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30. 4 Purchased merchandise on credit for S5,600, terms 2/10, n/30. Issued a credit memorandum for $600 to a customer who returned merchandise purchased November 29, cost $400. Merchandise was put back into inventory. 11 Received payment for merchandise sold December 1. Received a credit memorandum for S600 for the return of faulty merchandise purchased on December 15 4. 18 Paid freight charges of $50 for merchandise ordered last month. 23 Paid for the merchandise purchased December 4 less merchandise returned. 24 Sold merchandise on credit for $9,000, terms 1/3 n/15, cost $6,500. 31 Received payment for merchandise sold on December 24. Prepare general journal entries to record these transactions, using a perpetual inventory system.

2. Maeve's Store had the following transactions during December, the last month of the accounting period: Dec. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30. 4 Purchased merchandise on credit for S5,600, terms 2/10, n/30. Issued a credit memorandum for $600 to a customer who returned merchandise purchased November 29, cost $400. Merchandise was put back into inventory. 11 Received payment for merchandise sold December 1. Received a credit memorandum for S600 for the return of faulty merchandise purchased on December 15 4. 18 Paid freight charges of $50 for merchandise ordered last month. 23 Paid for the merchandise purchased December 4 less merchandise returned. 24 Sold merchandise on credit for $9,000, terms 1/3 n/15, cost $6,500. 31 Received payment for merchandise sold on December 24. Prepare general journal entries to record these transactions, using a perpetual inventory system.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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