chapter 4 problem

Chapter problem. The following events pertain to The Company for January 2012. The company uses the perpetual inventory method. Record the following events in the central Dan Purchased 50,000 of merchandise inventory from a supplier. Kelly Distributors, Inc The terms of the purchase: 2/10,30 and FOB shipping point. 2) Jan 5 900 cash for freight to Trucking company to have goods shipped from Kelly Distributors, Inc. 3) lan 7. (a) Sold merchandise for $8,000 to a customer on account. (b) The merchandise had cost Trager 55,600 4) Jun 10. Returned 55.000 of defective merchandise to Kelly Distributors, Inc 5) an. 11. Paid amount due on count to Kelly Distributors for merchandise purchased on Jan. 6) Jun. 12 a) Accepted a return of $1,500 of the goods sold on Jan 7 b) The cost of these goods was 51,100 Debit Account Title Credit Event No