Wellgrow Company purchased merchandise for $5,000, terms 2/10 n/30 on February 19. Thesupplier paid $200 freight and sent Wellgrow an invoice for the merchandise of $5,000 plus thefreight charge of $200. Wellgrow uses the perpetual inventory system.On February 23, Wellgrow returned $700 of the merchandise.On February 26, Wellgrow paid the amount owing.On February 28, Wellgrow sold merchandise to AAA Company for $3,000. Wellgrow's cost was$2,200Required:Journalize the above transactions.

Name: Wellgrow Company purchased merchandise for $5,000, terms 2/10 n/30 on
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Description: Wellgrow Company purchased merchandise for $5,000, terms 2/10 n/30 on February 19. Thesupplier paid $200 freight and sent Wellgrow an invoice for the merchandise of $5,000 plus thefreight charge of $200. Wellgrow uses the perpetual inventory system.

February 19: merchandise inventory account Dr$5200 To account payable$5200 (Being amount payable…

Answered: - Company purchased merchan paid $200…

Business

Accounting

- Company purchased merchan paid $200 freight and sent Well harge of $200. Wellgrow uses t returned $7

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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