Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a
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Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method.
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Mar. 3 4 5 18 19 21 29 Purchased $1,150 of merchandise from GreenWorld Company with credit terms of 2/15, n60, invoice dated March 3, and FOB shipping point. Paid $75 cash for shipping charges on the March 3 purchase. Returned to GreenWorld unacceptable merchandise that had an invoice price of $150. Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise. Purchased $425 of merchandise from PeopleFirst Corp. with credit terms of 1/10, n30, invoice dated March 19, and FOB destination. After negotiations, received from PeopleFirst a $25 allowance (for scuffed merchandise) toward the $425 owed on the March 19 purchase. Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount.
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