On March 3, Byrde Inc purchases inventory on account for $3,900 with invoice terms of 4/10, n/30. Freight costs of $210, related to this purchase, were paid on March 5. On March 6, upon closer inspection, Byrde finds defective inventory with a cost of $400 and returns it. On March 12, Byrde pays the amount due for the March 3 purchase. Then, on March 29, Byrde sells the entire inventory which had been purchased on March 3, less the return, for $5,900 on account. Record all transactions for Byrde, assuming the company uses a perpetual inventory system. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1- Record the purchase of inventory on account for $3,900, terms 4/10, n/30 2-Record the payment of freight costs of $210 on inventory purchased on March 3. 3-Record the return of inventory with a cost of $400 4-Record payment of the full amount due on March 3 purchase. 5-Sells all inventory purchased on March 3 (less those returned on March 6) for $5,900 on account. Record the sale of inventory on account. 6-Sells all inventory purchased on March 3 (less those returned on March 6) for $5,900 on account. Record cost of inventory sold.
On March 3, Byrde Inc purchases inventory on account for $3,900 with invoice terms of 4/10, n/30. Freight costs of $210, related to this purchase, were paid on March 5. On March 6, upon closer inspection, Byrde finds defective inventory with a cost of $400 and returns it. On March 12, Byrde pays the amount due for the March 3 purchase. Then, on March 29, Byrde sells the entire inventory which had been purchased on March 3, less the return, for $5,900 on account.
Record all transactions for Byrde, assuming the company uses a perpetual inventory system. (If no entry is required for a particular transaction/event, select "No
1- Record the purchase of inventory on account for $3,900, terms 4/10, n/30
2-Record the payment of freight costs of $210 on inventory purchased on March 3.
3-Record the return of inventory with a cost of $400
4-Record payment of the full amount due on March 3 purchase.
5-Sells all inventory purchased on March 3 (less those returned on March 6) for $5,900 on account. Record the sale of inventory on account.
6-Sells all inventory purchased on March 3 (less those returned on March 6) for $5,900 on account. Record cost of inventory sold.
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