PARRISH 7-2 SALE OF INVENTORY Please complete the following periodic/perpetual inventory transactions. Please be certain to give a correct answer and use the correct terms. PERIODIC 5/15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50.5/20 Accepted return of merchandise which was wrong color for the customer. We had sold the merchandise for $72; our cost was $565/29 Shipped merchandise that had cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days5/30 Received a check for 5/15 sale Now record these transactions using the Perpetual Method.
PARRISH 7-2 SALE OF INVENTORY Please complete the following periodic/perpetual inventory transactions. Please be certain to give a correct answer and use the correct terms. PERIODIC 5/15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50.5/20 Accepted return of merchandise which was wrong color for the customer. We had sold the merchandise for $72; our cost was $565/29 Shipped merchandise that had cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days5/30 Received a check for 5/15 sale Now record these transactions using the Perpetual Method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PARRISH 7-2 SALE OF INVENTORY
Please complete the following periodic/perpetual inventory transactions. Please be certain to give a correct answer and use the correct terms.
PERIODIC
5/15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50.
5/20 Accepted return of merchandise which was wrong color for the customer. We had sold the merchandise for $72; our cost was $56
5/29 Shipped merchandise that had cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days
5/30 Received a check for 5/15 sale
Now record these transactions using the Perpetual Method.
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