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.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...
Related questions
Question
100%
![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 November
29, 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 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3519641-ee94-4fc5-aced-cf86f11c3f5d%2F070a91f6-49d0-462c-ac32-8a17f5208c51%2F5qfl0fc_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 November
29, 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 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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning