Needing to record the following merchandise inventory transactions, ACME Limited wants your help with recording all purchase/sales discounts for early payment when they make their payments. Ignore any sales/excise taxes.

Feb 7 Sold inventory costing $2,887 to Venture Corp on credit for $4,879. Terms 4/10 net 30.

Feb 9 $1,276 of the merchandise sold on

Feb 7 to Venture Corp was damaged and not salvageable. They want a credit on account.

Feb 10 Purchased inventory costing $8,298 from Glitz Corporation on credit. Terms 2/10 net 30. Feb 20 Sent a payment to Glitz Corporation for $4,000

Feb 24 ACME Limited discovered that $1,151 worth of merchandise is defective and returned it to Glitz Corporation for adjustment to the account.

Feb 27 Venture Corp paid their account, for the full amount

Answer rating: 100% (QA)

journal entries Date Accounts Debit Credit Feb07 Accounts Receivable Ventu... View the full answer