Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions
Question:
Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses
A. The perpetual inventory system
B. The periodic inventory system
Jun. 4 Jun. 12 Jun. 19 Costume Warehouse purchases 88 costumes on credit at a purchase price of $15 per costume. The terms of the purchase are 5/15, n/30, with an invoice date of June 4. Costume Warehouse returns 20 costumes to the manufacturer for a full refund. Costume Warehouse pays in full for the remaining costumes, less the return.
Step by Step Answer:
A Perpetual inventory system Date Account title and explanation Debit Credit Ju...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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