PA4. LO 6.2 Pharmaceutical Supplies sells medical supplies to customers. Review the following transactions and prepare the journal entry or entries if Pharmaceutical Supplies uses: A. the perpetual inventory system B. the periodic inventory system Jul. 9 A customer purchases 50 pairs of crutches at a sales price of $20 per pair. The cost to Pharmaceutical Supplies per pair is $8.00. The terms of the sale are 5/10, n/30, with an invoice date of July 9. The customer who made the July 9 purchase returns 9 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $8.00 per pair. The customer pays in full for the remaining crutches, less the return. Jul. 12 Jul. 18

PA4. LO 6.2 Pharmaceutical Supplies sells medical supplies to customers. Review the following transactions and prepare the journal entry or entries if Pharmaceutical Supplies uses: A. the perpetual inventory system B. the periodic inventory system Jul. 9 A customer purchases 50 pairs of crutches at a sales price of $20 per pair. The cost to Pharmaceutical Supplies per pair is $8.00. The terms of the sale are 5/10, n/30, with an invoice date of July 9. The customer who made the July 9 purchase returns 9 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $8.00 per pair. The customer pays in full for the remaining crutches, less the return. Jul. 12 Jul. 18

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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