Prepare journal entries to record the following merchandising transactions of Menards, which applies the perpetual inventory system

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Prepare journal entries to record the following merchandising transactions of Menards, which applies the perpetual inventory system and gross method.

July 3 Purchased merchandise from OLB Corp. for $15,000 under credit terms of 1/10, 1/30, FOB destination,

10 11 12 14 15 Purchased merchandise from Rupert Co. for $14,200 under credit terms of 1/10, n45, FOB

17 20 21 24 Received balance due from Brill Co. for the July 7 sale less the return on July 12. Paid the

30 Received Brown's cash payment for the amount due from the July 21 sale less the price allowance from July

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Financial And Managerial Accounting

ISBN: 9781260728774

9th Edition

Authors: John J. Wild

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Question Posted: Jan 15, 2024 02:00 AM

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Prepare journal entries to record the following merchandising transactions of Menards, which applies the perpetual inventory system

Question:

July 3 Purchased merchandise from OLB Corp. for $15,000 under credit terms of 1/10, 1/30, FOB destination, invoice dated July 3. 7 Sold merchandise to Brill Co. for $11,500 under credit terms of 2/10, n60, FOB destination, invoice dated July 7. The merchandise had cost $7,750.

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Sure lets go through the journal entries one by one based on the transactions provided Remember that in a perpetual inventory system we record inventory purchases and cost of goods sold COGS at the ti...View the full answer

Financial And Managerial Accounting

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