ournal Entries Under the Perpetual Inventory System shushan Building Supplies entered into the following transad une 1 Purchased merchandise on account from Brij Builder's 3 Purchased merchandise for cash, $24,000. * Sold merchandise on account to Champa Construction merchandise cost $37,500. Prepare journal entries under the perpetual inventory syster
ournal Entries Under the Perpetual Inventory System shushan Building Supplies entered into the following transad une 1 Purchased merchandise on account from Brij Builder's 3 Purchased merchandise for cash, $24,000. * Sold merchandise on account to Champa Construction merchandise cost $37,500. Prepare journal entries under the perpetual inventory syster
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Journal Entries Under the Perpetual Inventory System
Bhushan Building Supplies entered into the following transactions.
June 1 Purchased merchandise on account from Brij Builder's Materials, $30,000.
3 Purchased merchandise for cash, $24,000.
* Sold merchandise on account to Champa Construction for $50,000. The
merchandise cost $37,500.
Prepare journal entries under the perpetual inventory system.
Page: 1
DOC. POST.
DATE ACCOUNT TITLE
DEBIT CREDIT
NO. REF.
20--
1
June 1
2
3
3
4 June 3
4
6.
6.
June 5
7
8.
8.
9.
10 June 5
10
11
11
12
12
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