Journalize each of the following transactions assuming a perpetual inventory system. Sold merchandise with a cost of $2,350 for $3,800; terms 2/10, n/30, FOB destination. Paid $310 to ship the merchandise sold on February 1. The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. Sold merchandise to a customer for $3,100 (cost of sales $1,580); terms 2/10, n/30, FOB destination. Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,130 (cost of sales $650). 28 The customer of February 4 paid the amount owing. Feb. 1 2 3 4 11
Journalize each of the following transactions assuming a perpetual inventory system. Sold merchandise with a cost of $2,350 for $3,800; terms 2/10, n/30, FOB destination. Paid $310 to ship the merchandise sold on February 1. The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. Sold merchandise to a customer for $3,100 (cost of sales $1,580); terms 2/10, n/30, FOB destination. Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,130 (cost of sales $650). 28 The customer of February 4 paid the amount owing. Feb. 1 2 3 4 11
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Journalize each of the following transactions assuming a perpetual inventory system.
Feb. 1 Sold merchandise with a cost of $2,350 for $3,800; terms 2/10, n/30, FOB destination.
Paid $310 to ship the merchandise sold on February 1.
The customer of February 1 returned half of the amount purchased because it was the incorrect product; it
was returned to inventory.
Sold merchandise to a customer for $3,100 (cost of sales $1,580); terms 2/10, n/30, FOB destination.
Collected the amount owing from the customer of February 1.
23 Sold merchandise to a customer for cash of $1,130 (cost of sales $650).
28 The customer of February 4 paid the amount owing.
2
3
4
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11
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