A company has the following transactions during March: March 3 Purchases inventory on account for $3,900, terms
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Question:
A company has the following transactions during March:
March | 3 | Purchases inventory on account for $3,900, terms 2/10, n/30. | ||
March | 5 | Pays freight costs of $250 on inventory purchased on March 3. | ||
March | 6 | Returns inventory at a cost of $300. | ||
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 $6,000 on the account. |
Record all transactions, assuming the company uses a perpetual inventory system. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Related Book For
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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