A company has the following transactions during March:

March 3 Purchases inventory on account for $3,300, terms 3/10, n/30.

March 5 Pays freight costs of $300 on inventory purchased on March 3.

March 6 Returns inventory with a cost of $800.

March 12 Pays the full amount due on March 3 purchase.

March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,600 on account.
Record all transactions, assuming the company uses a perpetual inventory system

Answer rating: 100% (QA)

March 3 Merchandise Inventory Dr 3300 Accounts Payable 3300 March 5 Mer... View the full answer