The following transactions took place at Fine Fashions Outlet during July 2016. Fine Fashions Outlet uses a perpetual inventory system. Record the transactions in a general journal. Use 8 as the page number for the general journal.

July 3 Purchased dresses for $3,500 plus a freight charge of $120 from Fashion Expo, Invoice 101, dated July 1; the terms are net 2/10, n/30.
5 Sold two dresses on account to Alice Chu, terms 1/10, n/30; issued Sales Slip 788 for $600. The cost of the dresses sold was $400.
7 Received Credit Memorandum 210 for $550 from Fashion Expo for damaged dresses returned; the goods were purchased on Invoice 101 dated July 1.
9 Accepted a return of a dress from Alice Chu; the dress was originally sold on Sales Slip 788 of July 5; issued Credit Memorandum 89 for $200. The cost of the returned dress was $135.
12 Issued Check 1255 to pay the amount due to Fashion Expo for Invoice 101, dated July 1, less the return of July 7 and less the cash discount.
15 Received payment from Alice Chu for the sale of July 5, less the return of July 9 and less the cash discount.

  • CreatedAugust 08, 2014
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