Answered: Date Account titles and Explanation…

Date Account titles and Explanation Amount (Dr.) Amount (Cr.) Jun-10 Merchandise inventiry $ To Accounts payable 8,700 $ 8,700 Jun-11 Inventory 600 To Cash 600 Jun-12 Accounts payable 700 %24

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 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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Question

Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.

Date
Account titles and Explanation
Amount (Dr.) Amount (Cr.)
Jun-10 Merchandise inventiry
8,700
$
To Accounts payable
8,700
Jun-11 Inventory
600
To Cash
$
600
Jun-12 Accounts payable
700
To Merchandise ineventory
700
Jun-19 Accounts payable
8,000
To Merchandise inventory
240
To Cash
7,760
%24

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