Record the following transactions in the appropriate journals. April 1 Purchased merchandise on account from Alexus...

  

Transcribed Image Text:

Record the following transactions in the appropriate journals. April 1 Purchased merchandise on account from Alexus Fitness Connection, $13,865.00. Terms are n/30. 1 Sold merchandise on account, Invoice No. 301, to Miami Health Club for the net amount of $5,301.60. The Cost of Goods Sold is $3,864.00. M Credit terms for all sales on account are 2/10, n/30. Credit sales are recorded net of the 2% discount assuming customers will take the discount. Fit & Fashionable uses a perpetual inventory system and therefore records the cost of goods sold as well as the sale. Record the following transactions in the appropriate journals. April 1 Purchased merchandise on account from Alexus Fitness Connection, $13,865.00. Terms are n/30. 1 Sold merchandise on account, Invoice No. 301, to Miami Health Club for the net amount of $5,301.60. The Cost of Goods Sold is $3,864.00. M Credit terms for all sales on account are 2/10, n/30. Credit sales are recorded net of the 2% discount assuming customers will take the discount. Fit & Fashionable uses a perpetual inventory system and therefore records the cost of goods sold as well as the sale.

Answer rating: 100% (QA)

To record the transactions in the appropriate journals 1 Purchased merchandise on account from Alexu... View the full answer