Prepare journal entries to record the following merchandising transactions of Cabelas, which uses the perpetual inventory system
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Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method.
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July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 115, n30, FOB shipping point, invoice dated July 1. 2 3 8 9 11 12 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. Paid $125 cash for freight charges on the purchase of July 1. Sold merchandise that had cost $1,300 for $1,700 cash. Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n60, FOB destination, invoice dated July 9. Returned $200 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.
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Certainly lets prepare the journal entries for each of the transactions listed using the perpetual inventory system and the gross method Transaction 1 July 1 Purchased merchandise from Boden Company f...View the full answer
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