Prepare general journal entries for the following transactions of Eva Inc.: Eva Inc. is a retail store had the following sales and purchase transactions in January.
January 3: Sold 100 units of inventory at $80 per unit. Cost of $40 per unit. Eva Inc. offered credit terms of 1/10, n/30. January 5: Eva Inc. purchased 200 units of inventory from its supplier at $40 per unit on credit. The supplier offered credit terms of 1/10, n/30 January 6: Customer returned 20 units and received full credit. The units were returned to inventory. January 7: Eva made its payment to its supplier January 10: Eva received the payment in full, less the returned items.
Prepare general journal entries for the following transactions of Eva Inc.: Eva Inc. is a retail store had the following sales and purchase transactions in January. January 3: Sold 100 units of inventory at $80 per unit. Cost of $40 per unit. Eva Inc. offered credit terms of 1/10, n/30. January 5: Eva Inc. purchased 200 units of inventory from its supplier at $40 per unit on credit. The supplier offered credit terms of 1/10, n/30 January 6: Customer returned 20 units and received full credit. The units were returned to inventory. January 7: Eva made its payment to its supplier January 10: Eva received the payment in full, less the returned items.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare general
Eva Inc. is a retail store had the following sales and purchase transactions in January.
- January 3: Sold 100 units of inventory at $80 per unit. Cost of $40 per unit. Eva Inc. offered credit terms of 1/10, n/30.
- January 5: Eva Inc. purchased 200 units of inventory from its supplier at $40 per unit on credit. The supplier offered credit terms of 1/10, n/30
- January 6: Customer returned 20 units and received full credit.
- The units were returned to inventory.
- January 7: Eva made its payment to its supplier
- January 10: Eva received the payment in full, less the returned items.
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