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Journalize the following transactions under perpetual inventory system   Q) Purchased 10 keyboards at a cost of 25 per package for a total of $250. Q) Sold three customers for cash to a customer at $50 each for a total of $150.  Q) Allowed one customer to return one keyboard for a cash refund of $50.  Q) Returned one damaged keyboard from the package worth of $50.

Journalize the following transactions under perpetual inventory system   Q) Purchased 10 keyboards at a cost of 25 per package for a total of $250. Q) Sold three customers for cash to a customer at $50 each for a total of $150.  Q) Allowed one customer to return one keyboard for a cash refund of $50.  Q) Returned one damaged keyboard from the package worth of $50.

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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Journalize the following transactions under perpetual inventory system

 

  1. Q) Purchased 10 keyboards at a cost of 25 per package for a total of $250.
  2. Q) Sold three customers for cash to a customer at $50 each for a total of $150. 
  3. Q) Allowed one customer to return one keyboard for a cash refund of $50. 
  4. Q) Returned one damaged keyboard from the package worth of $50. 
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