Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder’s Materials, $30,000. 3 Purchased merchandise for cash, $24,000. 5 Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000. Prepare journal entries under the perpetual inventory system.
Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder’s Materials, $30,000. 3 Purchased merchandise for cash, $24,000. 5 Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000. Prepare journal entries under the perpetual inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bhushan Building Supplies entered into the following transactions.
| June 1 | Purchased merchandise on account from Brij Builder’s Materials, $30,000. |
| 3 | Purchased merchandise for cash, $24,000. |
| 5 | Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000. |
Prepare journal entries under the perpetual inventory system.
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