Question: I need help with this please, Thank you SECTION 2 Problem Questions TOTAL: 65 MARKS Problem 1 15 Marks Discovery Limited completed the following merchandising

I need help with this please, Thank you

I need help with this please, Thank you SECTION 2 Problem Questions

SECTION 2 Problem Questions TOTAL: 65 MARKS Problem 1 15 Marks Discovery Limited completed the following merchandising transactions in the month of July 2021 using a perpetual inventory system. July 1 Purchased 10 items at the cost of $460 each on account, terms 2/10, n/30 2 Sold 5 merchandise for $840 each on account, terms 1/10, n/30. The cost of the merchandise sold was $2,800. 9 Received payment in full, less discounts, from customers billed on July 2. 10 Paid suppliers in full, less discount, for purchases on July 1. 12 Purchased merchandise for cash $2,200. 15 Received refund for poor quality merchandise from supplier on cash purchase $ 760. 17 Purchased merchandise on account for $2,700, FOB shipping point, terms 2/10, n/30. 19 Paid freight of $240 for July 17 purchase. 24 Sold merchandise for cash $5,900. The merchandise sold had a cost of $3,200 25 Purchased 6 items on account at $320 each, FOB destination, terms 2/10, n/30 27 Paid in full for merchandise purchased on July 17, less discount. 30 Made refunds to cash customers for defective merchandise $1,200. The returned merchandise cost $650. Required: Journalize the transactions (omit explanations)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!