Assume that Telca Co. uses perpetual inventory system. The following are the transactions that occurred. Journalize > Purchased merchandise amounting to 9, 000 from Racer Company with terms 3/10, net/30 on March 6. > Paid freight on purchase from Racer Company with an amount 500 on March 7. > Returned merchandise to Racer Company 2,000 on March 9. > Paid Racer Company in full on March 16. > On March 25, Telca Co. sold merchandise purchased from Racer Company, which cost 1,700 to a customer on account at a gross profit of 15%.

Assume that Telca Co. uses perpetual inventory system. The following are the transactions that occurred. Journalize > Purchased merchandise amounting to 9, 000 from Racer Company with terms 3/10, net/30 on March 6. > Paid freight on purchase from Racer Company with an amount 500 on March 7. > Returned merchandise to Racer Company 2,000 on March 9. > Paid Racer Company in full on March 16. > On March 25, Telca Co. sold merchandise purchased from Racer Company, which cost 1,700 to a customer on account at a gross profit of 15%.

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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