Question

Journalize the following transactions for Amazing Audio, Inc. that occurred during the month of March, using (1) the perpetual inventory system, and (2) the periodic inventory system. Omit explanations.
Mar 3 Purchased $4,600 of merchandise on account, terms 2/10, n/30, FOB shipping point. The supplier prepaid freight charges of $250 and added the amount to the invoice.
6 Returned damaged goods to the supplier and received a credit memorandum in the amount of $600.
12 Paid for the goods purchased on March 3.


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  • CreatedJuly 08, 2015
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