The Nguyen Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit
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The Nguyen Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit sales are n/30.
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202X July 5 Purchased merchandise on account totaling $1,800; terms n/30. 6 Sold merchandise on account to Tommy Duong for $90. This merchandise cost $68. Returned $80 of defective merchandise purchased July 5. 8 9 9 Sold $170 of merchandise for cash. This merchandise cost $93. Allowed a return for credit of $7 of merchandise sold on July 6. The cost of the returned merchandise was $6. (Hint: Don't forget to return the cost of the merchandise to the Merchandise Inventory account.) 10 12 Purchased $500 of merchandise on account from JJ Supply; terms n/30. Received payment from Tommy Duong for the July 6 sale less the return. 13 Sold $460 of merchandise for cash. The cost was $330.
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Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780137504282
15th Edition
Authors: Jeffrey Slater, Mike Deschamps
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