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Record the following transactions for Sparky's Pet Shop using the general journal form provided below. Assume Sparky's uses a perpetual inventory system. Omit transaction descriptions from entries. Date Transaction Aug. 1 Purchased $6,000 of merchandise on account, terms 2/10, n/30. 3 Returned $1,500 of merchandise purchased on August 1 due to defects. 7 Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000. 10 Made sale on account to a local breeder for $500, terms 1/10, net 30; cost of the merchandise was $200. 11 Paid for the merchandise purchased on August 1, less return. 20 Received payment from sale of August 10. The customer took the discount. If an amount box does not require an entry, leave it blank. If an amount box does not require an entry, leave it blank. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1. Aug. 1 3 4 Aug. 3 Aug. 7- Sale 9. 10 Aug. 7- Cost 10 11 11 12 12 13 Aug. 10- Sale 13 14 14 15 15 16 Aug. 10- Cost 16 17 17 18 18 19 Aug. 11 19 20 20 21 21 22 Aug. 20 22 23 23 3. 8. 9.

Record the following transactions for Sparky's Pet Shop using the general journal form provided below. Assume Sparky's uses a perpetual inventory system. Omit transaction descriptions from entries. Date Transaction Aug. 1 Purchased $6,000 of merchandise on account, terms 2/10, n/30. 3 Returned $1,500 of merchandise purchased on August 1 due to defects. 7 Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000. 10 Made sale on account to a local breeder for $500, terms 1/10, net 30; cost of the merchandise was $200. 11 Paid for the merchandise purchased on August 1, less return. 20 Received payment from sale of August 10. The customer took the discount. If an amount box does not require an entry, leave it blank. If an amount box does not require an entry, leave it blank. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1. Aug. 1 3 4 Aug. 3 Aug. 7- Sale 9. 10 Aug. 7- Cost 10 11 11 12 12 13 Aug. 10- Sale 13 14 14 15 15 16 Aug. 10- Cost 16 17 17 18 18 19 Aug. 11 19 20 20 21 21 22 Aug. 20 22 23 23 3. 8. 9.

FINANCIAL ACCOUNTING
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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Record the following transactions for Sparky's Pet Shop using the general journal form provided below. Assume Sparky's uses a perpetual inventory system. Omit transaction descriptions from entries. Date Transaction Aug. 1 Purchased $6,000 of merchandise on account, terms 2/10, n/30. 3 Returned $1,500 of merchandise purchased on August 1 due to defects. 7 Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000. 10 Made sale on account to a local breeder for $500, terms 1/10, net 30; cost of the merchandise was $200. 11 Paid for the merchandise purchased on August 1, less return. 20 Received payment from sale of August 10. The customer took the discount. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Record the following transactions for Sparky's Pet Shop using the general journal form provided below. Assume Sparky's uses a perpetual inventory system. Omit transaction descriptions from entries. Date Transaction Aug. 1 Purchased $6,000 of merchandise on account, terms 2/10, n/30. 3 Returned $1,500 of merchandise purchased on August 1 due to defects. 7 Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000. 10 Made sale on account to a local breeder for $500, terms 1/10, net 30; cost of the merchandise was $200. 11 Paid for the merchandise purchased on August 1, less return. 20 Received payment from sale of August 10. The customer took the discount. If an amount box does not require an entry, leave it blank.
If an amount box does not require an entry, leave it blank. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1. Aug. 1 3 4 Aug. 3 Aug. 7- Sale 9. 10 Aug. 7- Cost 10 11 11 12 12 13 Aug. 10- Sale 13 14 14 15 15 16 Aug. 10- Cost 16 17 17 18 18 19 Aug. 11 19 20 20 21 21 22 Aug. 20 22 23 23 3. 8. 9.
Transcribed Image Text:If an amount box does not require an entry, leave it blank. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1. Aug. 1 3 4 Aug. 3 Aug. 7- Sale 9. 10 Aug. 7- Cost 10 11 11 12 12 13 Aug. 10- Sale 13 14 14 15 15 16 Aug. 10- Cost 16 17 17 18 18 19 Aug. 11 19 20 20 21 21 22 Aug. 20 22 23 23 3. 8. 9.
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