Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, n/30, FOB destination. 2 Paid $225 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $3,800 (cost of sales $2,280); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,200 (cost of sales $720). 28 The customer of February 4 paid the amount owing.

Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, n/30, FOB destination. 2 Paid $225 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $3,800 (cost of sales $2,280); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,200 (cost of sales $720). 28 The customer of February 4 paid the amount owing.

Name: SOLVE ITExercise 5-5 Recording journal entries for merchandise sales
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Description: SOLVE ITExercise 5-5 Recording journal entries for merchandise sales transactions-perpetualLO3 HeJournalize each of the following transactions assuming a perpetual inventory system.Feb.1 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10,

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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