Rasheed Chase recently opened Rasheeds Surf Shop. As the bookkeeper of the company, use the perpetual method
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Rasheed Chase recently opened Rasheed’s Surf Shop. As the bookkeeper of the company, use the perpetual method to journalize, record, and post when appropriate the following transactions (account numbers are Store Supplies 115; Merchandise Inventory 120; Store Equipment 130; Accounts Payable 210):
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202X Mar 4 Bought $1,100 of merchandise on account from Newbury Co., invoice no. 442, dated March 5; terms 2/10, n/30. 5 Bought $4,500 of store equipment on account from Andover Co., invoice no. 502, dated March 6. 8 Bought $1,200 of merchandise on account from Lakeville Co., invoice no. 401, dated March 9, terms 2/10, n/30. 14 Bought $1,300 of store supplies on account from Newbury Co., invoice no. 419, dated March 14.
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Date 202X Account Titles and Description Mar 4 Merchandise Inventory Accounts Payable Newbury Co Mer...View the full answer
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Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780137504282
15th Edition
Authors: Jeffrey Slater, Mike Deschamps
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