Please make entries for the inventory transactions under perpetual system 1) Sept1 sold inventory to JenAir...

 

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Please make entries for the inventory transactions under perpetual system 1) Sept1 sold inventory to JenAir for $6000 ( cost is $4200) term 2/10, n/30 2) Sep2, business purchased $3,000 merchandise inventory from Skylimit Inc. Term 1/10, n/30 FOB 3) Sep3 business paid the delivery cost $430 for shipping the Sep1 inventory to JenAir 4) Sep4 Skylimit sent a $250 debit memo to business for the Sep2, 2020 Inventory purchase. 5) Sept9 sold inventory to Dennis for $1800 ( cost of sales $1500) Terms: 2/15, n/30 6) Sept13, busines collected amount from JenAir in full 7) Sep12, business paid Skylimit in full 8) Sep14, business bought $5,500 from Pacific East Inc.Terms: 2/5, n/30 FOB 9) Sep15, business issued a credit memo $375 to Dennis for the Sep9 inventory sales 10) Sep21, business paid PacificeEast in full 11) Sept24, collected amount owing from Dennis Please make entries for the inventory transactions under perpetual system 1) Sept1 sold inventory to JenAir for $6000 ( cost is $4200) term 2/10, n/30 2) Sep2, business purchased $3,000 merchandise inventory from Skylimit Inc. Term 1/10, n/30 FOB 3) Sep3 business paid the delivery cost $430 for shipping the Sep1 inventory to JenAir 4) Sep4 Skylimit sent a $250 debit memo to business for the Sep2, 2020 Inventory purchase. 5) Sept9 sold inventory to Dennis for $1800 ( cost of sales $1500) Terms: 2/15, n/30 6) Sept13, busines collected amount from JenAir in full 7) Sep12, business paid Skylimit in full 8) Sep14, business bought $5,500 from Pacific East Inc.Terms: 2/5, n/30 FOB 9) Sep15, business issued a credit memo $375 to Dennis for the Sep9 inventory sales 10) Sep21, business paid PacificeEast in full 11) Sept24, collected amount owing from Dennis

Answer rating: 100% (QA)

SOLUTION STEP1 Account Titles and Explanation Accounts receivableJenAir Sales revenue Cos... View the full answer