Question

The Alton Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30.
201X
June 5 Purchased merchandise on account totaling $2,100; terms n/30.
6 Sold merchandise on account to Tommy Donachie for $90. This merchandise cost $63.
8 Returned $400 of defective merchandise purchased June 15.
9 Sold $170 of merchandise for cash. This merchandise cost $93.
9 Allowed a return for credit of $9 of merchandise sold on June 6. The cost of the returned merchandise was $7.
10 Purchased $700 of merchandise on account from JJ Supply; terms n/30.
12 Received payment from Tommy Donachie for the June 6 sale less the return.
13 Sold $420 of merchandise for cash. The cost was $350.



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  • CreatedApril 24, 2014
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