The Lane Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X
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201X
Feb. 3 Purchased 55 Model 77DX light fixture(s) on account from Hotwire Electric at total cost of $2,200; terms n/30.
5 Sold 10 model U67 light fixtures for cash for $280 total. The cost of these 10 fixtures amounted to $180.
6 Our customer returned 5 model U67 light fixture(s). We gave the customer a $140 cash refund.
10 We issued a debit memo for $320 to Hotwire Electric for 8 model 77DX light fixture(s) that came in damaged in the shipment of February 3.
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Date 201X Feb 3 Merchandise Inventory 2 2 0 0 00 Accounts Payable Hotwire Electric 2 2 0 0 00 Pu...View the full answer
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