On Jan1 Sameena Co purchased goods for $7600 on account. The following information was written in the invoice:

• FOB shipping point

• 2/10,n/30

A) Under perpetual inventory system Make the following entries in the Journal

1. Record the purchase of the Merchandise

2. The fright cost was $200. it was paid in cash.

3. On Jan 7th the company returned defective goods costing $400 to the seller

4. On Jan 9th the company paid the balance due of $7200 in the 9th day of the discount period.

B) Under perpetual system, make a summary for the prepared transactions. (Posting Inventory to ledger)

Answer rating: 100% (QA)

Solution Date Particular LF Dr Cr Purchase Ac Dr To Cash Ac Jan 1 4600 4600 Being ... View the full answer