Intermediate Accounting, 10 Ed
Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Chapter 8, Problem 8.1E

Perpetual inventory system; journal entries

• LO8–1

John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of

May 2018:

1. John’s purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.

2. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier.

3. Merchandise costing $2,800 was sold for $5,200 in cash.

Required:

Prepare the necessary journal entries to record these transactions.

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Intermediate Accounting, 10 Ed

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INVENTORY & COST OF GOODS SOLD; Author: Accounting Stuff;https://www.youtube.com/watch?v=OB6RDzqvNbk;License: Standard Youtube License