Question: Can you help with the accounting exercise? It is about the journal using the Perpetual Inventory System. Notes: A - transaction from day 9 is
Can you help with the accounting exercise? It is about the journal using the Perpetual Inventory System.
Notes:
A - transaction from day 9 is a full purchase.
B - On the 31st there are three accounts and the discounts must be applied.

ANALYZE THESE TRANSACTIONS PURCHASE AND SALE OF ROYAL TOWN MOTORS COMPANY. USE THE PERPETUAL METHOD. IDENTIFY EACH TRANSACTION; FOR EXAMPLE; (ACCOUNTS PAYABLE, CASH, INVENTORY, COGS. ETC.) 1 9 10 11 THE COMPANY SELLS A CREDIT OF $ 80,000 IN GOODS TO PACTOP CO, COST OF THE GOODS IS $ 55,000. THE PACTOP CO. INVOICE IS CHARGED. $ 15,000 IS PURCHASED FROM THE COMPANY INSTALLACIONES SMITH, 2/10, N/30. $ 25,000 IS SOLD IN MERCHANDISE, TO THE CUSTOMER DOUGLAS IN CASH. COST OF THE GOODS $ 12,000. $ 600 IS SOLD TO CLIENT ELLEN, TERMS 1/10, N/30. COST OF MERCHANDISE $ 150. PAY FULL FOR THE PURCHASE OF DAY 9. CUSTOMER ELLEN'S DAY 11 TRANSACTION IS CHARGED FULL SELL S 5,000 IN BAYWATER GOODS, TERMS 1/10, N/30, COST OF GOODS $ 2,500. BAYWATER RETURNS $ 500 FOR DEFECTIVE MERCHANDISE. COST OF MERCHANDISE $ 250. 13 15 17 19 28 BAYWATER PAYS THE DUE BALANCE. 29 $ 500 OF GOODS IS PURCHASED FROM ANA LAYTON, TERMS 1/10, N/30. 30 $ 100 OF GOODS RETURNED TO ANA LAYTON FOR FAILURE TO COMPLY WITH PURCHASE SPECIFICATIONS. 31 THE DUE OF THE TRANSACTION OF THE DAY 29 IS FULLY PAID
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