Pharmaceutical Supplies sells medical supplies to customers. July 9 A customer purchases 40 pairs of crutches at a sales price of $20 per pair. The cost to Pharmaceutical Supplies per pair is $8. The terms of the sale are 5/10, n/30, with an invoice date of July 9. July 12 The customer who made the July 9 purchase returns 8 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 per pair. July 18 The customer pays in full for the remaining crutches, less the return. A. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the perpetual inventory system. If an amount entry, leave it blank. July 9 Sale on credit Julu 0 Cect on calo

Pharmaceutical Supplies sells medical supplies to customers. July 9 A customer purchases 40 pairs of crutches at a sales price of $20 per pair. The cost to Pharmaceutical Supplies per pair is $8. The terms of the sale are 5/10, n/30, with an invoice date of July 9. July 12 The customer who made the July 9 purchase returns 8 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 per pair. July 18 The customer pays in full for the remaining crutches, less the return. A. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the perpetual inventory system. If an amount entry, leave it blank. July 9 Sale on credit Julu 0 Cect on calo

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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