02/10 Sales of 110 units of inventory occurred during the period of 02/07 – 02/10. The sales terms are 2/10, net 30. 02/15 The 25 units that were paid for in advance and recorded in January are delivered to the customer. 02/15 10 units of the inventory that had been sold on 2/10 are returned to WWC. The units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned are from the 2/05 purchase. ***I need help with the Journal Entries for this one***

What I have:

An additional 140 units of inventory are purchased on account by WWC for $10,500 – terms 2/15, n30.

Inventory : 10500

Account Payable: 10500

WWC paid Federal Express $420 to have the 140 units of inventory delivered overnight. Delivery occurred on 02/06.

Inventory: 420

Cash: 420

Answer rating: 100% (QA)

The journal entries for the transactions differ depending upon whether the copany has used perpet... View the full answer