Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10, n/20 FOB 2) Oct1 Business sold $7830 inventory to NCE's Ic., the cost is $1130. Terms 2/15, n/30 FOB 3) Oct4, Business returned defective $275 inventory back to GSC's Inc. 4) Oct7 Business paid delivery $235 for the inventory sales to NCE's Inc. 5) Oct8 Business issued a credit memo $215 to NCE's Inc., regarding the sales discount on Oct1 6) Oct9 business purchased inventory $4230 from Bob's Ltd, Terms: 1/5, n/10, FOB 7) Oct11 Business paid the GSC's Inc. in full. 8) Oct16 Business Received NCE's Inc's money. 9) Oct30 paid Bob's Ltd for the Oct9 purchase.

Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10, n/20 FOB 2) Oct1 Business sold $7830 inventory to NCE's Ic., the cost is $1130. Terms 2/15, n/30 FOB 3) Oct4, Business returned defective $275 inventory back to GSC's Inc. 4) Oct7 Business paid delivery $235 for the inventory sales to NCE's Inc. 5) Oct8 Business issued a credit memo $215 to NCE's Inc., regarding the sales discount on Oct1 6) Oct9 business purchased inventory $4230 from Bob's Ltd, Terms: 1/5, n/10, FOB 7) Oct11 Business paid the GSC's Inc. in full. 8) Oct16 Business Received NCE's Inc's money. 9) Oct30 paid Bob's Ltd for the Oct9 purchase.

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Description: Please record the entries for the inventory transactions below (Perpetual Inventory System)1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10, n/20 FOB2) Oct1 Business sold $7830 inventory to NCE's Inc., the cost is $1130. Ter

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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Qq.12. Subject :- Account
A2
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