LuLu Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3
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Question:
LuLu Supply Company uses a periodic inventory system. During September, the following transactions and events occurred.
Sept.3 Purchased 100 backpacks at $50 each from Makka Company, terms 3/10, n/40
Sept.6 Received credit of $250 for the return of 10 backpacks purchased on Sept. 3 that were defective.
Sept.9 Sold 25 backpacks for $100 each to Ghazala Books, terms 2/10, n/30.
Sept.13 Paid Makka Company in full.
Sept.19 Received payments from Ghazala Books.
Instructions
Journalize the September transactions for LuLu Supply Company.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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