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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 $50,000. The merchandise cost $37,500. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 June 1 1 3. 3 4. June 3 4 5 6. June 5 8. 9. 9. 10 June 5 10 00 19

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 $50,000. The merchandise cost $37,500. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 June 1 1 3. 3 4. June 3 4 5 6. June 5 8. 9. 9. 10 June 5 10 00 19

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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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 $50,000. The merchandise cost $37,500. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- June 1 4 June 3 4 6. 7 June 5 7 8. 8. 9. 6. 10 June 5 10 11 11 1. 3. 2. 3. 56
Transcribed Image Text: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 $50,000. The merchandise cost $37,500. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- June 1 4 June 3 4 6. 7 June 5 7 8. 8. 9. 6. 10 June 5 10 11 11 1. 3. 2. 3. 56
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