Question

The Alton Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit sales are n/30.
201X
Aug. 5 Purchased merchandise on account totaling $2,300; terms n/30.
6 Sold merchandise on account to Tommy Donnell for $80. This merchandise cost $58.
8 Returned $150 of defective merchandise purchased August 5.
9 Sold $155 of merchandise for cash. This merchandise cost $103.
9 Allowed a return for credit of $9 of merchandise sold on August 6. The cost of the returned merchandise was $6.
10 Purchased $1,200 of merchandise on account from RJ Supply; terms n/30.
12 Received payment from Tommy Donnell for the August 6 sale less the return.
13 Sold $380 of merchandise for cash. The cost was $250.



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  • CreatedApril 24, 2014
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