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b. Journalize the above transactions for Scout Systems assuming a perpetual system. View transaction list Journal entry worksheet 1. 3 4 5 6 7 8 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30.

b. Journalize the above transactions for Scout Systems assuming a perpetual system. View transaction list Journal entry worksheet 1. 3 4 5 6 7 8 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30.

FINANCIAL ACCOUNTING
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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b. Journalize the above transactions for Scout Systems assuming a perpetual system. View transaction list Journal entry worksheet 1 2 4 5 6 7 8 Record purchases on account for $ 4,400; credit terms of 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 1 Record entry Clear entry View general journal
Transcribed Image Text:b. Journalize the above transactions for Scout Systems assuming a perpetual system. View transaction list Journal entry worksheet 1 2 4 5 6 7 8 Record purchases on account for $ 4,400; credit terms of 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 1 Record entry Clear entry View general journal
Refer to the following merchandising transactions for Scout Systems. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays $480 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. Nov. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 1 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 1
Transcribed Image Text:Refer to the following merchandising transactions for Scout Systems. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays $480 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. Nov. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 1 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 1
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