The Athol Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit
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The Athol Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit sales are n/30.
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201X July 5 Purchased merchandise on account totaling $2,000; terms n/30. 6 Sold merchandise on account to Tommy Donaldson for $85. This merchandise cost $76. 8. Returned $100 of defective merchandise purchased July 5. 9 Sold $170 of merchandise for cash. This merchandise cost $93. 9 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 Purchased $500 of merchandise on account from JJ Supply; terms n/30. 12 Received payment from Tommy Donaldson forthe July 6 sale less the return. 13 Sold $460 of merchandise for cash. The cost was $330.
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GENERAL JOURNAL PAGE 3 Date 201X Account Titles and Description PR Dr Cr Ju...View the full answer
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College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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