Perpetual Inventory Journal EntriesKJ Company engaged in the following transactions in September 2020.Sept 1 Sold merchandise to ABC company on credit, terms 2/10, n/30, $3,000, (cost $1,800).3 Received a return of goods sold to ABC of $300 (cost $180).4 Purchased merchandise on credit from Newark Company, terms 3/15, n/60, FOB shipping point, for $6,000.5 Paid freight charges to Delivery Company of $100 to get freight in.8 Returned merchandise to Newark Company costing $500.9 Received check from ABC Company for their purchase on Sept 1.17 Paid Newark Company for the balance due for inventory.Prepare appropriate journal entries assuming KJ Company uses a perpetual inventory system.

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Description: Perpetual Inventory Journal EntriesKJ Company engaged in the following transactions in September 2020.Sept 1 Sold merchandise to ABC company on credit, terms 2/10, n/30, $3,000, (cost $1,800).3 Received a return of goods sold to ABC of $300 (cost $1

Journal entry: It is a systematic record of a financial transaction of an organization recorded in…

Answered: Prepare appropriate journal entries…

Business

Accounting

Prepare appropriate journal entries assuming KJ Company uses a perpetual inventory system.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 9E

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