Prepare journal entries for the following, assuming the company uses a perpetual inventory method and records purchases
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Question:
Prepare journal entries for the following, assuming the company uses a perpetual inventory method and records purchases at their net amounts.
June 1 | Purchased merchandise from Crane Company for $870 with the terms of 3/10, n/40. |
June 3 | Returned $200 of the merchandise to the Crane Company. |
June 5 | Purchased merchandise from the Tory Company for $600 with the terms of 2/10, n/30. |
June 6 | Paid the amount owed to the Crane Company. |
June 8 | Returned $100 of the merchandise to the Tory Company. |
June 12 | Sold all of the merchandise on hand from the Crane Company for $1,600 and collected a 6% sales tax in addition to the sales price. |
June 18 | Paid the amount owed to the Tory Company in full. |
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