Quinton Landscaping sells mowers and other lawn maintenance equipment. The following information relates to its inventory of
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Question:
Quinton Landscaping sells mowers and other lawn maintenance equipment. The following information relates to its inventory of mowers, which is accounted for using the perpetual inventory method:
June 3 Purchased 35 mowers at $400 each from keep-it-Green Equipment; terms 2/10, net 30 FOB shipping point.
4 cost correct company paid freight of $1,200 on the June 4 purchase.
10 Returned 4 of the mowers purchased on June 3.
30 Paid the keep-it-Green account in full.
Instructions:
a) Prepared the Journal Entries to record these transitions.
b) Determine the ending balance in the Merchandise inventory account at June 30.
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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