Prepare general journal entries for the following transactions of York's, a retailing company that uses the...

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Prepare general journal entries for the following transactions of York's, a retailing company that uses the perpetual inventory system. March 2 Purchased $12,000 of inventory from Family Fashions on account, terms 1/10, n/30. 3 Made a sale on account to Davis Co. for $7,000, terms 2/10, n/30. York's cost was $4,000. 4 Davis Co. returned $800 of its purchase from May 5. York's cost of the items was $500 5 York's returned $300 of the merchandise purchased from Family Fashions. 8 York's paid the appropriate amount for the merchandise purchased March 1.(remember the return) 25 York's collected the appropriate amount from Davis Co. (remember the return) Prepare general journal entries for the following transactions of York's, a retailing company that uses the perpetual inventory system. March 2 Purchased $12,000 of inventory from Family Fashions on account, terms 1/10, n/30. 3 Made a sale on account to Davis Co. for $7,000, terms 2/10, n/30. York's cost was $4,000. 4 Davis Co. returned $800 of its purchase from May 5. York's cost of the items was $500 5 York's returned $300 of the merchandise purchased from Family Fashions. 8 York's paid the appropriate amount for the merchandise purchased March 1.(remember the return) 25 York's collected the appropriate amount from Davis Co. (remember the return)

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Date Account Titles and Explanation Debit Credit Mar 2 Inventory 12000 Accou... View the full answer