Maeve's Store had the following transactions during December, the last month of the accounting period: Dec. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30. 3 Purchased merchandise for cash, $1,900. 4 Purchased merchandise on credit for $5,600, terms 2/10, n/30. Issued a credit memorandum for $600 to a customer who returned 5 merchandise purchased November 29, cost $400. 11 Received payment for merchandise sold December 1. Received a credit memorandum for $600 for the return of faulty 15 merchandise purchased on December 4. 18 Paid freight charges of $50 for merchandise ordered last month. Paid for the merchandise purchased December 4 less merchandise 23 returned. 24 Sold merchandise on credit for $9,000, terms 1/10 n/30, cost $6,500. 31 Received payment for merchandise sold on December 24. Required: Prepare general journal entries to record these transactions, using a perpetual inventory system.

Maeve's Store had the following transactions during December, the last month of the accounting period: Dec. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30. 3 Purchased merchandise for cash, $1,900. 4 Purchased merchandise on credit for $5,600, terms 2/10, n/30. Issued a credit memorandum for $600 to a customer who returned 5 merchandise purchased November 29, cost $400. 11 Received payment for merchandise sold December 1. Received a credit memorandum for $600 for the return of faulty 15 merchandise purchased on December 4. 18 Paid freight charges of $50 for merchandise ordered last month. Paid for the merchandise purchased December 4 less merchandise 23 returned. 24 Sold merchandise on credit for $9,000, terms 1/10 n/30, cost $6,500. 31 Received payment for merchandise sold on December 24. Required: Prepare general journal entries to record these transactions, using a perpetual inventory system.

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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