Record the transactions in the general journal assuming the company uses a perpetual inventory system. The...

 

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Record the transactions in the general journal assuming the company uses a perpetual inventory system. The following transactions were completed during March 2009: March 5 Purchased merchandise on account from Beluga Wholesale for $10,000, terms 2/10, n/30. March 6 Paid $100 freight on Beluga purchase. March 9 Found some of the merchandise purchased from Beluga to be defective and returned to Beluga, receiving a $1,000 credit for merchandise returned. March 11 Sold merchandise on account to Charter ltd for $4,800, terms 3/10, n/30. The cost of the merchandise was $2,645. Record the sale first. Record the transactions in the general journal assuming the company uses a perpetual inventory system. The following transactions were completed during March 2009: March 5 Purchased merchandise on account from Beluga Wholesale for $10,000, terms 2/10, n/30. March 6 Paid $100 freight on Beluga purchase. March 9 Found some of the merchandise purchased from Beluga to be defective and returned to Beluga, receiving a $1,000 credit for merchandise returned. March 11 Sold merchandise on account to Charter ltd for $4,800, terms 3/10, n/30. The cost of the merchandise was $2,645. Record the sale first.

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General Journal Entries Perpetual Inventory System March 2009 Transaction 1 Sale of Merchandise Marc... View the full answer