1- On Jan1 Alshamel Co purchased goods for $4600 on account. The following information was written...

Transcribed Image Text:

1- On Jan1 Alshamel Co purchased goods for $4600 on account. The following information was written in the invoice: • FOB shipping point • 2/10,n/30 A) Make the following entries in the Journal 1 Record the purchase of the Merchandise 2 The fright cost was $200. it was paid in cash. 3. On Jan 7" the company returned diffective goods costing $200 to the seller 4. On Jan 9th the company paid the balance due of $4400 in the 9th day of the discount period. B) Under perpetual system, make a summery for the prepared transactions. (Posting Inventory to ledger) 1- On Jan1 Alshamel Co purchased goods for $4600 on account. The following information was written in the invoice: • FOB shipping point • 2/10,n/30 A) Make the following entries in the Journal 1 Record the purchase of the Merchandise 2 The fright cost was $200. it was paid in cash. 3. On Jan 7" the company returned diffective goods costing $200 to the seller 4. On Jan 9th the company paid the balance due of $4400 in the 9th day of the discount period. B) Under perpetual system, make a summery for the prepared transactions. (Posting Inventory to ledger)