Question

Record the following transactions for a perpetual inventory system in general journal form.
a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, $ 1,815.24. The cost of merchandise was $ 1,320.
b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, $ 622. The cost of the merchandise was $ 485.
c. Bought merchandise on account from Michal’s Inc., invoice no. 1685, $ 850; terms 1/ 10, n/ 30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, $ 65.00 ( total $ 915).
d. Received credit memorandum no. 219 from Michal’s Inc. for merchandise returned, $ 210.



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  • CreatedOctober 21, 2014
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