Mar 2 Sold merchandise inventory on account to B Kamp
Mar. 2 Sold merchandise inventory on account to B. Kamp, issuing invoice no. 501 for $1,100 (cost, $1,090).
6 Issued credit memo to B. Kamp for $1,100 for merchandise returned to the business by the customer. Also accounted for receipt of the merchandise inventory at cost.
21 Purchased merchandise inventory on credit terms of 3/10, n/30 from Prompt Co., $800. 28 Returned damaged merchandise inventory to Prompt Co., issuing a debit memo for $800.
Journalize the above transactions that should be recorded in the general journal. If a transaction should not be recorded in the general journal, identify the special journal that should be used. Assume the company uses the perpetual inventory system.
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