A: ABC Company uses the perpetual inventory system and had the following transactions during August 2018:...

 

Transcribed Image Text:

A: ABC Company uses the perpetual inventory system and had the following transactions during August 2018: Date Transaction Amount Purchased inventory on account Paid for transportation of goods 25,000 Returned defective merchandise to the June. 5 June. 9 purchased June. 10 seller 35,000 June. 15 Paid for goods purchased on August 5 Credit terms of invoice are 2/15, n/45. Required: Prepare the general journal entries to record these transactions. Explanations are not required. [9 marks]. $ 240,000 ? A: ABC Company uses the perpetual inventory system and had the following transactions during August 2018: Date Transaction Amount Purchased inventory on account Paid for transportation of goods 25,000 Returned defective merchandise to the June. 5 June. 9 purchased June. 10 seller 35,000 June. 15 Paid for goods purchased on August 5 Credit terms of invoice are 2/15, n/45. Required: Prepare the general journal entries to record these transactions. Explanations are not required. [9 marks]. $ 240,000 ?

Answer rating: 100% (QA)

Date 2018 Aug5 Merchandise Inventory Aug9 Account Ti... View the full answer