Record the following transactions in the general journal. The company uses perpetual inventory. Eliminate explanations. When completed, upload your file using pdf or doc only to this problem. Nov 1 Purchased merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. 5 Returned $200 of defective merchandise purchased on November 1. 7 Paid cash for the November 1 purchase. 10 Paid $90 cash for transportation cost from the November 1 purchase. 13 Sold merchandise for $1,600 on credit. The cost of the merchandise is $800 16 Granted credit to customer from November 13 transaction. The returned items are priced at $300 and the cost is $130; the items were not damaged and were returned to inventory.
Record the following transactions in the general journal. The company uses perpetual inventory. Eliminate explanations. When completed, upload your file using pdf or doc only to this problem.
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Nov |
1 |
Purchased merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. |
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5 |
Returned $200 of defective merchandise purchased on November 1. |
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|
7 |
Paid cash for the November 1 purchase. |
|
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10 |
Paid $90 cash for transportation cost from the November 1 purchase. |
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13 |
Sold merchandise for $1,600 on credit. The cost of the merchandise is $800 |
|
|
16 |
Granted credit to customer from November 13 transaction. The returned items are priced at $300 and the cost is $130; the items were not damaged and were returned to inventory. |
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