Question: Sonny s Spas Inc purchased 8 000 worth of inventory from the

Sonny’s Spas, Inc. purchased $8,000 worth of inventory from the Pool Warehouse on account, terms of 2/10, n/30. Some of the goods are damaged in shipment, so Sonny’s Spas, Inc. returns $1,100 of the merchandise to the Pool Warehouse.
Journalize the following transactions, using (1) the perpetual system and (2) the periodic inventory system, for Sonny’s Spas, Inc. Explanations are not required.
a. Purchase of the goods
b. Return of the damaged goods
c. Payment for the goods within the discount period

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  • CreatedJuly 08, 2015
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